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Article: Profit-taking hits Saudi small cap stocks.
- Article from:
- Arab News (Jeddah, Saudi Arabia)
- Article date:
- March 14, 2009
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Byline: Khalil Hanware &Abdul Jalil Mustafa
JEDDAH/AMMAN: Saudi shares plummeted for the fourth consecutive week amid a spate of pre-emptive selling of blue chips particularly petrochemical and banking stocks before they announce their first quarter results.
The Tadawul All-Share Index (TASI) plunged 5.02 percent from last week, closing at 4,130.15 points.
TASI is currently 14 percent lower than the year's start.
"The Saudi stock market will continue its narrow fluctuation, while investors eye the upcoming corporate results for the first quarter of 2009," the Riyadh-based Bakheet Investment Group (BIG) said in its weekly report.
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