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Saturday, 31 December 2011

Saudi Stock Market close - December 31, 2011

General Index
Intraday 3 month
Daily Statistics
General Index6417.73
Change (%)-0.01%
T. Volume195780873
T. Companies 151

Saudi Shares Fall as Oil Declines on China Demand Concern; Sabic Retreats - Bloomberg

Shares in Saudi Arabia, the world’s biggest oil exporter, fell as crude declined on concern over demand from China and tension simmered on Iran’s naval exercises in the Strait of Hormuz.
The Tadawul All Share Index (SASEIDX) lost less than 0.01 percent to 6,417.73 at the 3:30 p.m. close in Riyadh, after falling the most in more than two weeks. Saudi Basic Industries Corp., the world’s biggest petrochemicals maker, retreated 0.8 percent.
Oil fell 0.8 percent to close at $98.83 a barrel yesterday as Chinese manufacturing contracted for a second month in December, spurring concern that demand from the world’s second- largest crude-consuming country may slow. Iran last week threatened to block the Strait of Hormuz, a shipping channel through which a sixth of the world’s is transported, if sanctions are imposed on its crude exports.

Capital dries up as loans by banks top deposits - The National

Bank lending in the UAE exceeded deposits for the third month running last month as an influx of capital at the start of the year continues to evaporate.

Loans increased by 0.1 per cent to reach Dh1.074 trillion (US$292.39 billion), according to data released by the Central Bank yesterday.

Deposits declined by 0.8 per cent to reach Dh1.053tn. As a result, loans exceeded deposits by Dh20.7bn, the data showed.

Tower developer in default on Dh75m loan - The National

The developer of the world's tallest residential building under construction in Dubai Marina is in default on a Dh75 million (US$20.4m) loan.

Trident International Holdings, which is building the Pentominium tower, is more than 200 days overdue on profit payments on the overdraft facility, according to Noor Islamic Bank.

Construction on the Pentominium, planned to rise to 516 metres, has been stalled since March, the bank said.

Regional markets lose $50bn of value - The National

Middle Eastern stock markets have shed more than US$50 billion (Dh183.65bn) this year as foreign investors fled the region after uprisings toppled leaders in Tunisia, Egypt and Libya.

Europe's debt crisis worsened the situation for markets that had seen tentative signs of recovery earlier in the year.

"It was probably the most volatile year I have seen in my career," said Fadi Al Said, a senior fund manager at ING Investment Management in Dubai. "Financial markets were dominated by headlines and risk aversion."

Middle East stocks plunge in 2011 on Arab Spring, eurozone woes -

Middle East markets, with the exception of Qatar, ended the year with deep losses after grappling with the Arab Spring and shaken local confidence, concerns over the global recovery and the unresolved eurozone debt crisis.

The Arab spring revolts hit Gulf bourses early in the year but they managed to recover the losses as local governments dished out large handout to stave off unrest, including US$93 billion in social spending announced by Saudi Arabia in March.

The eurozone debt crisis and a fragile state of United States economy has kept foreign investors at bay, while local investors also cut risk in equities.