| 21 Nov 2009 |
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Holidays weigh on Gulf stocks
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JEDDAH - Most Gulf stock markets extended losses this week ahead of Eid Al-Adha holidays due to start on Nov. 26, financial analysts said Friday.
They also attributed the plunge to declines on global markets, the foggy picture surrounding the world recovery and instable oil prices.
World stock markets fell Friday amid mounting concerns about the pace of the US economic recovery following a disappointing corporate earnings update.
After being higher earlier in the day, the FTSE 100 index of leading British shares was down 1.35 point at 5,266.35, while Germany's DAX fell 14.69 points, or 0.3 percent, to 5,687.49. The CAC-40 in France was 21.72 points, or 0.6 percent, lower at 3,738.50.
Wall Street started the last trading session of the week down, too, but not as much as futures markets had been predicting. The Dow Jones industrial average was down 10.88 points, or 0.1 percent, at 10,321.56 while the broader Standard and amp; Poor's 500 index fell 2.55 points, or 0.2 percent, lower at 1,092.35.
Brokers said the consecutive declines in most Gulf markets are prompted by instability that characterizes the markets at this juncture due to losses incurred by global bourses and the ambiguous picture of the prospects of world recovery.
The Saudi stock exchange was the only Gulf bourse that closed in the green this week after three weeks of consecutive decline.
The Tadawul All Share Index (TASI) gained 1 percent this week, closing at 6,318.68 points.
TASI is currently 31.6 per cent higher than the year's start, according to the weekly report of the Riyadh-based Bakheet Investment Group. The Saudi market was propelled by the banking sector, particularly the Samba Financial Group and Al Rajhi Bank, as well as the petrochemical sector.
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