Wednesday 19 January 2011

Saudi Shares Fall Most in 2 Months as Sabic Profit Disappoints - Bloomberg

Saudi Arabian shares retreated the most in two months after fourth-quarter earnings at Saudi Basic Industries Corp. missed analysts’ expectations. Qatar’s stock index fell the most since November.

Saudi Basic, the world’s biggest petrochemicals maker, dropped the most in six months. Saudi Arabian Mining Co. decreased for a fourth day after it posted a fourth-quarter loss. The Tadawul All Share Index declined 0.9 percent, the most since Nov. 23, to 6,657.73 at the 3:30 p.m. close in Riyadh. The measure has slipped 0.9 percent this week, snapping a seven-week rally. Qatar’s QE Index retreated 1.3 percent, also the most since Nov. 23.

“There’s a little disappointment that Sabic’s numbers missed estimates,” said Haissam Arabi, chief executive officer of Gulfmena Alternative Investments in Dubai.

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