07 Aug '11, 1am

Saudi stocks shed 5.46% over US, Europe woes

Saudi stocks shed 5.46% over US, Europe woes

RIYADH, Saudi Arabia - Shares shed 5.46 percent on Saturday in the first day of trading in oil-rich Saudi Arabia after the Muslim weekend, as investors reacted to the historic US credit downgrading and European debt woes. The Tadawul All-Shares Index closed 5.46 percent down, at 6,073.44 points as all shares tumbled a day after Standard & Poor's cut the US credit rating for the first time in history over its massive fiscal deficit and debt load. "The S&P rating and (debt) problems in Europe... have scared investors," said financial analyst Abdulwahab Abu Dahesh, pointing out, however, that the "down trend had started a while ago." Leading banking shares dropped by 4.7 percent while shares of the petrochemical sector shed 6.7 percent. Construction shares were also 6.4 percent lower. Al-Rajhi bank was down 5.2 percent in afternoon trading, while SAMBA bank dropped 6.98 perce...

Full article: http://www.asiaone.com/Business/News/Story/A1Story2011080...

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