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Article: Corporate results to boost investor confidence.
- Article from:
- Arab News (Jeddah, Saudi Arabia)
- Article date:
- July 12, 2008
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Byline: Khalil Hanware
| Arab News
JEDDAH/AMMAN: Saudi shares extended losses last week mainly due to the political tension between Iran and the West and the turmoil at world stock markets.
The Tadawul All-Share Index (TASI) shed 4.96 percent last week, closing at 8,998.28 points from 9,467.68 points in the previous week. TASI is currently 18.5 percent lower than the year's start.
"The Saudi market retreated despite the second quarter results which were deemed better than experts expected, particularly the banking and petrochemical sectors," the Riyadh-based Bakheet Investment Group (BIG) said in its weekly report.
"With ...