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Saturday, 10 September 2011
Saudi Stock Market close- September 10, 2011
Saudi Shares Fall on European Debt Crisis; Sabic, Al Raji Drop - Bloomberg
Saudi Arabian shares led by petrochemicals companies retreated after U.S. and European markets fell amid concern policy makers can’t end Europe’s debt crisis.
Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker, and Al Rajhi Bank (RJHI), the kingdom’s largest publicly traded lender by market value, led the losses. The 148- company Tadawul All Share Index (SASEIDX) weakened 0.7 percent, the steepest decline since Sept. 5, to 6079.90 at 12:38 p.m. in Riyadh. Two shares dropped for every stock that rose.
“Today’s decline is largely a reaction to yesterday’s losses on U.S. and European markets and crude pulling back on the strengthening dollar,” said Asim Bukhtiar, an equity analyst at Riyad Capital.
Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker, and Al Rajhi Bank (RJHI), the kingdom’s largest publicly traded lender by market value, led the losses. The 148- company Tadawul All Share Index (SASEIDX) weakened 0.7 percent, the steepest decline since Sept. 5, to 6079.90 at 12:38 p.m. in Riyadh. Two shares dropped for every stock that rose.
“Today’s decline is largely a reaction to yesterday’s losses on U.S. and European markets and crude pulling back on the strengthening dollar,” said Asim Bukhtiar, an equity analyst at Riyad Capital.
Libya says assets are safe - The National
The new head of Libya's central bank has moved to reassure the world that the country's assets are safe and have not been plundered by the deposed regime.
With the ousted Libyan leader Muammar Qaddafi still on the run, the fledgling government is assessing the status of the country's assets -from oil installations to fiscal reserves.
"No assets of the Libyan Central Bank have been stolen, gold or otherwise," Gassem Azzoz, the bank's governor, told reporters in Tripoli on Thursday.
With the ousted Libyan leader Muammar Qaddafi still on the run, the fledgling government is assessing the status of the country's assets -from oil installations to fiscal reserves.
"No assets of the Libyan Central Bank have been stolen, gold or otherwise," Gassem Azzoz, the bank's governor, told reporters in Tripoli on Thursday.
Saudi Arabia's water needs eating into oil wealth | Reuters
Long before it understood the value of oil, the desert kingdom of Saudi Arabia knew the worth of water.
But the leading oil exporter's water challenges are growing as energy-intensive desalination erodes oil revenues while peak water looms more ominously than peak oil -- the theory that supplies are at or near their limit, with nowhere to go but down.
Water use in the desert kingdom is already almost double the per capita global average and increasing at an ever faster rate with the rapid expansion of Saudi Arabia's population and industrial development.
But the leading oil exporter's water challenges are growing as energy-intensive desalination erodes oil revenues while peak water looms more ominously than peak oil -- the theory that supplies are at or near their limit, with nowhere to go but down.
Water use in the desert kingdom is already almost double the per capita global average and increasing at an ever faster rate with the rapid expansion of Saudi Arabia's population and industrial development.
gulfnews : Omani banks warned on overexposure
Oman's banking system relies too heavily on oil wealth and is overly exposed to the construction and real estate sectors, a report has claimed.
Moody's Investor Services said yesterday that while the country continued to rely on revenue from the oil and hydrocarbon sectors, banks would continue to suffer the effects of volatile global markets.
"A key structural weakness is Omani banks' limited geographic diversification and high dependence on the domestic economy, which in turn relies on the volatile oil sector," the report stated.
Moody's Investor Services said yesterday that while the country continued to rely on revenue from the oil and hydrocarbon sectors, banks would continue to suffer the effects of volatile global markets.
"A key structural weakness is Omani banks' limited geographic diversification and high dependence on the domestic economy, which in turn relies on the volatile oil sector," the report stated.
Dubai ruler says emirate's financial crisis is over - ArabianBusiness.com
Dubai has overcome the financial crisis that forced it to delay debt payments two years ago, its ruler said.
“Dubai is well,” Sheikh Mohammed Bin Rashid Al Maktoum said on Friday at the opening ceremony for the emirate’s second Metro line. He also said he was concerned about the debt crisis in some European countries.
The second-biggest of seven sheikhdoms that make up the United Arab Emirates, Dubai has seen its credit risk fall since the start of the year even as political turmoil pushed rates higher in neighbouring Saudi Arabia and Bahrain. Unlike the two, Dubai didn’t experience anti-government protests.
“Dubai is well,” Sheikh Mohammed Bin Rashid Al Maktoum said on Friday at the opening ceremony for the emirate’s second Metro line. He also said he was concerned about the debt crisis in some European countries.
The second-biggest of seven sheikhdoms that make up the United Arab Emirates, Dubai has seen its credit risk fall since the start of the year even as political turmoil pushed rates higher in neighbouring Saudi Arabia and Bahrain. Unlike the two, Dubai didn’t experience anti-government protests.
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