JEDDAH: The Saudi stock market plunged to almost five-year low yesterday as fears over the health of the global economy continued to haunt the bourse. The Tadawul All-Share Index (TASI), which declined 9.84 percent last week, likely to fall to below 5,000 mark this week as it closed 7.4 percent or 405.64 points down at 5,079.54 yesterday, its lowest level since March 2004.

The index is down 53.98 percent so far this year. It fell 25.8 percent in October. Out of 125 stocks traded, only seven companies showed positive performance, while 117 companies were in the red. Shares worth SR4.30 billion changed hands yesterday.

The key petrochemicals sector was down by 9.47 percent as Saudi Basic Industries Corp.(SABIC), the bellwether of the market, lost 9.95 percent of its value to close at SR54.25. In the past three months SABIC stocks have plunged 55 percent. Shares of other companies such as Alujain Corporation plummeted by 9.96 percent, Rabigh Refining and Petrochemical Co. by 9.95 percent, Saudi International Petrochemical Co. by 9.91 percent and National Industrialization Co. by 9.80 percent.

The banks and financial services sector was also affected badly yesterday as it shed 8.32 percent by close of trading. Al-Rajhi Bank shares dropped by 9.77 percent to SR60, Samba Financial Group by 9.72 percent to SR58 and SABB by 9.71 percent to SR62.75.

All other sectors were also in the red.

Tadawul announced yesterday that the market will close from Dec. 6 for the Eid Al-Adha holiday and trading will resume on Dec. 13 after the holiday.

Other stock markets in the Gulf were closed yesterday as they trade from Sunday through Thursday.

Lowest closing level

The 30-shares BMG Saudi Index ended yesterday’s trading session plunging by 8.1 percent, extending its negative performance to four successive trading sessions. The index’s closing level fell to 251.61, the lowest closing level since its inception on Oct. 1, 2005. The total value of traded shares also went down by 11 percent to SR2 billion (SR520 million) versus the SR2.2 billion (SR584 million) traded in last Wednesday’s trading session.