Saturday, Dec 05, 2009
0944 GMT [Zawya Dow Jones]--Saudi shares are trading down 1.21% ar 6278.69 in the first trading session since a week-long Eid break and following the emergence of Dubai's debt problems on Nov. 25, which sent jitters throughout Gulf and global markets. "The fall we have seen today is less than what was anticipated," says Paul Gamble, analyst at Jadwa Investment. Adds that "investors are assured by an announcement that Sama (Saudi Arabian Monetary Agency) made about the exposure of Saudi banks to Dubai World." Sama's head Mohammad Al Jasser said Friday the kingdom's banking sector was not in danger as a result of the Dubai World debt crisis. Gamble says "there is no great momentum for the market to go up because confidence hasn't been there for a long time, partly due to the lending environment." SABB drops 4.08% to SAR49.40. (DAS)
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(END) Dow Jones Newswires
05-12-09 0944GMT
