Saudi Stocks Show No Sign of Recovery
Khalil Hanware, Arab NewsJEDDAH, 2 March 2006 — After a successful and robust performance in February, the Saudi stock market projected an unexpected weak performance on the first day of March. The high expectation that the investors had during most of February started to fade as the Saudi stocks fell again yesterday after recovering 4.07 percent or 762.45 points on Tuesday. Over 1,000 points drop in the Industrial Index sent the Tadawul All-Share Index (TASI) plunging 251.08 points to 19,251.57.
As noted a few weeks ago, the Saudi stock market (Tadawul) was showing signs of overheating. While today’s declines are far from a crash, they’re significant, representing a loss of about $3 billion. If you’re following Saudi economic development, you should take a look at this piece from the Arab News.
The paper also runs a series of business new briefs worth reading, as is much in its business pages.
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