JEDDAH: The Saudi stock market fell again yesterday after making slight increases in the past two days. The Tadawul All-Share Index (TASI) dived 3.93 percent to 4,969.96 points, its first close below the 5,000-point mark in 55 months.

The market was again pulled down by the leading petrochemicals and banking sectors, which dropped 7.71 percent and 3.47 percent, respectively.

Market leader Saudi Basic Industries Corp. (SABIC) plummeted 9.8 percent to close at SR50.50. SABIC has lost almost half of its value in the past three weeks.

The TASI is now 54.98 percent down on the year. Out of 125 stocks traded, 110 companies were in the red, while only 11 companies showed positive performance. The value of traded shares reached SR4.34 billion yesterday.

According to information available on Tadawul website, the Capital Market Authority (CMA), the stock market regulator, has fined the brokerage of SABB bank (SABB Securities) SR200,000 over negligence in handling a client’s portfolio.

The CMA also gave its approval on Monday for Global Investment House — Saudia to offer Global GCC Equity Fund, Global Gulf Markets Equity Fund and Global Saudi Equity Fund.

The Kuwait Stock Exchange Index fluctuated sharply throughout the day yesterday. The KSE index finished up a meager 0.36 percent at 8,583.30 points, spurred by the leading banking sector which gained 4.2 percent.

The government yesterday decided to set up a special fund to buy shares on the Kuwait Stock Exchange in a bid to bolster the flagging bourse, the Cabinet said.

In the United Arab Emirates, the Dubai Financial Market (DFM) Index rose more than three percent at the opening but closed down 5.1 percent at 2,033.14 points.

The Abu Dhabi Securities Exchange, added 1.3 percent to close at 2,883.78 points on the back of a huge seven-percent gain by the leading real estate sector which has spurred the market for the third day running.

The Doha Securities Market gained 2.8 percent but stayed below 6,000 points, while the small Muscat Securities Market added 1.4 percent. The Bahrain Stock Exchange lost just 0.1 percent.

— With input from agencies