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Article: Saudi stocks drop 4% on profit taking.
- Article from:
- Gulf News (United Arab Emirates)
- Article date:
- February 20, 2009
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Riyadh: The Saudi stock market shed 4 per cent as a result of profit taking and investor panic. In the past three weeks the TASI rose 9 per cent, approaching the 5000 point barrier after the correction started in the small-cap stocks, particularly in the insurance and agriculture sectors.
TASI closed at 4,773.78 on Wednesday, down 1.5 per cent from last week. TASI is now 0.6 per cent lower since the start of the year.
The panic had extended to the petrochemical sector, particularly the blue-chips like Petro Rabigh that dipped 10 per cent after soaring 48 per cent since January 20. Despite the decline, many small-cap stocks are continuing to hit high ...