RIYADH, 9 November 2006 — Saudi shares closed lower yesterday. The Tadawul All-Share Index (TASI) closed 394.81 points or 4.48 percent down at 8,427.22 points. The index hit a session-trough of 8,210.18 points, its lowest since Feb. 8, 2005.
The largest Arab market has lost more than a fifth of its value since its close on Oct. 28 when the bourse canceled an evening session, shutting out retail investors who accounted for 80-90 percent of daily trading volumes. “Retail investors are selling for no reason in particular,” said Angus Blair, head of research at Beltone Financial. “Financial institutions who lent money to investors are concerned about non-performing loans and asking for money back, forcing investors to liquidate at any price, and exacerbating the problem.”
Bahrain shares also ended lower as Ahli United Bank fell 0.99 percent. The index closed 0.31 percent down at 2,182.240 points.
Qatar stocks closed slightly higher with Qatar Islamic Bank and Industries Qatar gaining the most among the 10 largest companies on the main index.
The index ended 0.14 percent up at 6,972.54 points. Industries Qatar gained 1.15 percent and Qatar Islamic rose 1.61 percent.
Kuwait shares also closed slightly higher with Public Warehousing Co. was the top gainer among the 10 largest stocks. The benchmark index ended 0.16 percent up at 10,396.40 points.
Oman shares closed up paced by National Bank of Oman and Raysut Cement. The index ended 0.56 percent higher at 5,614.580 points, its first close above 5,600 points in a week.
Abu Dhabi shares edged higher for the first time since Oct. 17, helped by gains in banking stocks. The main index ended 0.51 percent higher at 3,138.76 points.
Dubai shares snapped a seven-day losing streak and the index ended 1.2 percent up at 379.04 points.
