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Article: Panic trading wipes out part of Saudi stock market's gains.
- Article from:
- Arab News (Jeddah, Saudi Arabia)
- Article date:
- February 21, 2009
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Byline: Khalil Hanware
JEDDAJ/AMMAN: Panic trading in the Saudi stock market prevailed over the past two trading days, wiping out part of the market's gains that reached 9 percent over the past three weeks and pushed the Tadawul All-Share Index (TASI) toward the 5,000-point level.
TASI shed 1.5 percent last week, closing at 4,773.78 points. The Saudi benchmark is currently 0.6 percent lower than the year's start.
"The panic, which started at the insurance and agricultural sectors, extended to blue-chips like Petro Rabigh (Rabigh Refining and Petrochemical Co.)," the Riyadh-based Bakheet Investment Group (BIG) said in its weekly report.
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