22 April 2009
JEDDAH - Saudi equities tumbled the most in three months after the Gulf's biggest publicly traded company, Saudi Basic Industries Corp., announced its first loss since 2001.
Saudi Arabia's Tadawul All Share Index fell 3.12 percent to 5,055.93, with agriculture being the only sector posting a rise, of only 0.26 percent.
Saudi Basic Industries Co slumped 9.87 percent, the most allowed in a day, as it posted a first-quarter loss of SR974 million($259.7 million) as the global recession cut demand for plastics and fertilizers.
A total of 100 firms fell. Four stocks lost over 9 percent; Arabian Pipes Company (9.9 percent), SABIC, National Agriculture Marketing Co (9.67 percent), and Bank Albilad (9.48 percent). Aseer Trading, Tourism and Manufacturing posted biggest rise of 9.84 percent.
JEDDAH - Saudi equities tumbled the most in three months after the Gulf's biggest publicly traded company, Saudi Basic Industries Corp., announced its first loss since 2001.
Saudi Arabia's Tadawul All Share Index fell 3.12 percent to 5,055.93, with agriculture being the only sector posting a rise, of only 0.26 percent.
Saudi Basic Industries Co slumped 9.87 percent, the most allowed in a day, as it posted a first-quarter loss of SR974 million($259.7 million) as the global recession cut demand for plastics and fertilizers.
A total of 100 firms fell. Four stocks lost over 9 percent; Arabian Pipes Company (9.9 percent), SABIC, National Agriculture Marketing Co (9.67 percent), and Bank Albilad (9.48 percent). Aseer Trading, Tourism and Manufacturing posted biggest rise of 9.84 percent.
© The Saudi Gazette 2009
