Publication Date:
Sun, 2011-08-07 03:05
The Tadawul All-Share Index (TASI) dropped to 6,073.44
points, its lowest close since March 16, after suffering its biggest daily
decline since March 1.
"The market is being hit by the action of Standard and
Poor's," Saudi economist Abdulwahab Abu Dahesh said.
The index has lost 8.3 percent so far this year.
The petrochemical index tumbled 6.66 percent and the banking
index fell 4.74 percent.
"The Saudi market is strong ..., but it is correlated
to US debt and debt in Europe and how it is handled," Abu Dahesh said, adding
that the bourse may see fluctuations in the coming week.
The value of shares traded exceeded SR4.9 billion on
Saturday compared to SR12.56 billion for the whole of last week.
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