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Article: Saudi stocks trim their losses.
- Article from:
- Arab News (Jeddah, Saudi Arabia)
- Article date:
- December 14, 2008
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Byline: Khalil Hanware
JEDDAH/AMMAN: The Saudi stock market last week trimmed its losses incurred over the past weeks mainly in response to remarks by Custodian of the Two Holy Mosques King Abdullah that the Saudi economy was still "strong" and that there was nothing to worry about.
The Tadawul All-Share Index (TASI) gained 5.21 percent last week, closing at 4,654.88 points. The TASI is currently 57.83 percent lower than the year's start.
The rise in index was led by the petrochemical and banking sectors.
In an interview with the Kuwaiti newspaper Al-Seyassah last week, King Abdullah allayed the fears of the Saudi people in particular ...