JEDDAH: Saudi Arabia’s stock index sank 3.1 percent on Monday as investors sold shares indiscriminately, while the UAE and Qatar held onto small gains. Egypt fell as foreign funds exited the market.
Saudi shares were dumped across the board in the largest single-day decline since the government announced sweeping economic reforms in late April.
“Investors are cashing out and keeping cash available on hand before the extended low-volume season of Ramadan and summer vacations,” said Sebastien Henin, head of asset management at Abu Dhabi’s The National Investor.
Saudi Basic Industries Corp. (SABIC) dropped 3.0 percent. Retail industry shares, which have been advancing since late last week, also succumbed to the sell-off and Fawaz Alhokair slumped 4.1 percent, ending a three-day winning streak.
In the UAE, investors bought shares that had dipped over the past week but trading volumes remained lethargic.
Saudi shares were dumped across the board in the largest single-day decline since the government announced sweeping economic reforms in late April.
“Investors are cashing out and keeping cash available on hand before the extended low-volume season of Ramadan and summer vacations,” said Sebastien Henin, head of asset management at Abu Dhabi’s The National Investor.
Saudi Basic Industries Corp. (SABIC) dropped 3.0 percent. Retail industry shares, which have been advancing since late last week, also succumbed to the sell-off and Fawaz Alhokair slumped 4.1 percent, ending a three-day winning streak.
In the UAE, investors bought shares that had dipped over the past week but trading volumes remained lethargic.
