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Article: Investors shift focus on financial results.
- Article from:
- Arab News (Jeddah, Saudi Arabia)
- Article date:
- December 27, 2008
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Byline: Khalil Hanware
JEDDAH/AMMAN: Saudi shares shrugged off a record spending figure in the budget projections that were unveiled on Monday by the government despite retreating crude prices.
The Tadawul All-Share Index (TASI) extended losses on Wednesday to close at 4,669.05 points, which represents a 4.79 percent decline from previous week. The index is still down 57.70 percent so far this year.
The plunge was led by the petrochemical sector, particularly the Saudi Basic Industries Corp. (SABIC). Its shares plunge 11.86 percent to SR52 with market turnover of over SR2 billion.
"The market is apparently experiencing a mood of ...