Saudi Arabian shares retreated for the fifth day on concern political unrest in neighboring countries may hurt the Arab world’s largest economy.
The Tadawul All Share Index dropped 2 percent to 6,356,29, the lowest level since Feb. 1, at 11:24 a.m. in Riyadh. Saudi Basic Industries Corp., the world’s largest petrochemical maker, slumped 2.7 percent. Al Rajhi Bank, the kingdom’s largest publicly traded lender by market value, declined 0.6 percent.
“With geopolitical tensions rising in neighboring countries, sentiment has turned negative,” said Fuad Aghabi, investment director at Ajeej Capital in Riyadh. “While fundamentals which still remain strong have taken a back seat,” traders await clarity on the political situation.
No comments:
Post a Comment