Oct 28 2010 |
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Saudi shares pare gain as oil, emerging markets drop
JEDDAH: Saudi Arabian shares retreated for the first time in a week as oil declined and emerging markets stocks slid on speculation a possible Federal Reserve asset - purchase program will fail to meet investor expectation.The Tadawul All Share index retreated 0.36 percent to 6,309.92 points at close. The Tadawul All Share Petrochemical Industries index fell 0.3 percent, snapping four days of gains. SABIC retreated 0.5 percent to $25.3. National Industrialization dropped to $8.2, the lowest since Oct. 16.
Saudi Basic Industries Corp (SABIC), ended a four day winning streak. National Industrialization Co, the petrochemical maker known as Tasnee , fell 1 percent.
"The slowdown in international markets is putting pressure on buyers," said Amro Halwani, a trader at Shuaa Capital PSC in Saudi Arabia. "The oil market is also taking a breather putting additional pressure on petrochemicals."
Dubai's benchmark index lost 0.7 percent and the MSCI emerging markets index dropped 1.5 percent.
Abu Dhabi's measure and Bahrain's measure lost 0.1 percent. Qatar's QE index and Oman's MSM 30 index slipped 0.3 percent. The Kuwait SE Price index advanced 0.3 percent.
Oil prices fell. New York's main contract, light sweet crude for delivery in December, fell 61 cents to close at $81.94 a barrel, after tumbling as low as $80.73. Brent North Sea crude for December lost 43 cents to settle at $83.23.
The Dow fell 43.18, or 0.4 percent, to 11,126.28, despite trading as much as 150 points lower. The Standard and Poor's 500 index fell 3.19, or 0.3 percent, to 1,182.45. However, gained 5.97, or 0.2 percent, to 2,503.26.
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