Shares in Saudi Arabia fell for a second day, led by banks, as jobs data heightened concern about a slowing U.S. economy and Europe’s efforts to tame its debt crisis disappointed investors.
Al-Rajhi Bank (RJHI), the kingdom’s biggest bank by market value, declined for the second day. Banque Saudi Fransi, the lender partly owned by Credit Agricole SA, dropped the most since June 24, while Samba Financial Group, lost the most in a week. The Tadawul All Share Index (SASEIDX) retreated 0.1 percent to 6,831.59 as of 12:30 p.m. in Riyadh.
“There is a very uncertain global backdrop,” said Jarmo Kotilaine, chief economist at Jeddah-based National Commercial Bank. “We will get a steady trickle of bad news, which will depress markets. It is very hard to see a clear trend emerging in this situation.”
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