The Saudi stock market shed 0.9 percent in the week closing Thursday, September 7, as profit taking ended a six-week run that had produced record highs. The NCFEI all-shares index dropped to 2,582.52 points from a record 2,605.04 the previous Thursday, Bakheet Financial Advisors (BFA) reported. But it is still 14.4 percent higher than at the start of the year.
"The Saudi stock market witnessed a limited sell-off correction this week influenced by the downtrend in banks and cement sectors due to selling pressure of profit-taking after robust gains recorded in the last few weeks," BFA commented.
Blue chip losers were led by Arab National Bank, which dropped 3.6 percent, followed by Al Bank Al-Saudi Al-Fransi, off 3.1 percent. Arabian Cement Co. and Southern Province Cement Co. were each down three percent.
Stock prices of 25 companies rose, 29 fell, 10 were unchanged and 12 issues did not trade. Trading value dropped to 2.5 billion riyals ($660 million) from 2.7 billion riyals (%720 million) last week.
The NCFEI is the most capitalized in the Arab world at more than $60 billion, but operates as an interbank market system. — (AFP, Riyadh)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)
