The Tadawul All-Share Index (TASI) fell 1.5 percent to an
11-week low as most Middle East markets declined, tracking international losses
amid few regional catalysts to lift trade. The index closed at 6,018.27.
The sector activity for the day was negatively biased
with all 15 sectors closing with losses ranging from 0.49 percent by the Cement
sector to 2.27 percent by the Petrochemical Industries sector. Overall market
breadth for the day was heavily negative with only 2 advancers against 137
decliners giving it an AD ratio of 0.014, the Financial Transaction House (FTH)
said in its daily market commentary.
Dar Al-Arkan fell 2.3 percent, taking its losses to 4.8
percent since Aug. 11, when Moody's placed the property firm on review for
potential downgrade, citing weaker operational performance in the first half of
2010.
Saudi Basic Industries Corp. (SABIC) dropped 2.3 percent
and Rabigh Refining and Petrochemical Co. lost 1.7 percent as falling oil
prices pressured Saudi industrials.
Meanwhile, BMG's Saudi Index that comprises the top 30
active companies depreciated by 1.8 percent in Tuesday's session, to reach
313.86 points, with all of the index's shares experiencing a negative
performance. The value of traded shares went up by 41.3 percent to SR978.8
million, whereas the total number of shares traded increased by 40.9 percent to
45.9 million shares.
Kuwait's index rose for a third session in four. The
measure surged 0.1 percent to 6,682 points.
Gulf Bank and Burgan Bank added 7.1 and 6.1 percent
respectively.
National Bank of Abu Dhabi fell 0.9 percent to be traded
at a p-e ratio of about 8.
Dubai's index fell 0.5 percent to 1,493 points as volumes
slumped to a 2010 low and Abu Dhabi's benchmark also declined 0.3 percent to
2,503 points, with little to draw UAE investors to trade amid volatility in
global equities.
Arabtec fell 1.2 percent to 1.66 dirhams after HSBC cut
its price target on the builder to 1.8 dirhams from 2.6 percent, raising its
rating from neutral to underweight.
Oman's index also dropped 0.3 percent to 6,293 points as
selling pressure on European markets led to a late local slump.
Oman's fall was exacerbated by investors closing
positions to free up cash ahead of the initial public offering of telecom
operator Nawras, a unit of Qatar Telecom. This is set to launch on Sept. 20, a
source told Reuters.
The Qatari index rose 0.03 percent to 7,201 points.
The Bahrain index rose 0.4 percent to 1,424 points.
- With input from agencies
