Sunday 28 June 2009

Samba Financial leads decline in Tadawul

Saudi Arabian shares fell in the week's first day of trading, led by Samba Financial Group, a bank managed and in part owned by members of the Al Gosaibi family, whose Bahraini bank defaulted.

The Tadawul All Share Index fell 0.1 per cent to 5,601.19 at close in Riyadh, losing some of the gains of the previous day. The gauge gained 16.6 per cent this year after losing more than half its value in 2008 as oil prices dropped.

Samba fell the most since January 20, retreating five per cent to 42.1 riyals. Ahmad Hamad Al Gosaibi & Brothers Co, the Saudi family holding company, owes 34.6 billion Saudi riyals ($9.2 billion) to more than 100 banks, two people familiar with the situation told Bloomberg on June 25.

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