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Saturday 23 June 2012
Saudi Stock Market close - June 23, 2012
Oil key to any Iraqi Kurdistan independence bid - Yahoo! News Maktoob
Iraqi Kurdistan's efforts to ramp up its oil production and export capabilities increase the viability of independence as an option for the region, which is in a months-long standoff with Baghdad.
The dispute has seen Kurdistan president Massud Barzani launch a series of attacks against Prime Minister Nuri al-Maliki, while the region cut off oil exports to Iraq in a payment dispute and also refused to hand over a fugitive Iraqi vice president who is wanted for allegedly running a death squad.
The autonomous region in northern Iraq has not made any overt moves towards independence, although Barzani has said he could resort to a referendum on its future if the crisis with Baghdad drags on.
The dispute has seen Kurdistan president Massud Barzani launch a series of attacks against Prime Minister Nuri al-Maliki, while the region cut off oil exports to Iraq in a payment dispute and also refused to hand over a fugitive Iraqi vice president who is wanted for allegedly running a death squad.
The autonomous region in northern Iraq has not made any overt moves towards independence, although Barzani has said he could resort to a referendum on its future if the crisis with Baghdad drags on.
Saudi Shares Drop on Oil Price Decline, Fed Economic Forecast - Businessweek
Shares in Saudi Arabia, the only Gulf Arab stock market open on Saturdays, fell the most in more than a week as oil prices declined and after the U.S. Federal Reserve cut its economic forecast.
Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker known as Sabic, dropped for the first time in four days. Saudi Kayan Petrochemical Co. (KAYAN) fell the most since June 12. Al-Rajhi Bank (RJHI), the biggest by market value, lost the most in a week. The Tadawul All Share Index (SASEIDX) retreated 0.9 percent 6,774.26 in Riyadh at the close.
Stocks “are clearly responding to downward pressure in oil,” Jarmo Kotilaine, chief economist at Jeddah-based National Commercial Bank, said in a phone interview. “The oil price is something that fuels the fiscal engine and the broader economic mood.”
Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemicals maker known as Sabic, dropped for the first time in four days. Saudi Kayan Petrochemical Co. (KAYAN) fell the most since June 12. Al-Rajhi Bank (RJHI), the biggest by market value, lost the most in a week. The Tadawul All Share Index (SASEIDX) retreated 0.9 percent 6,774.26 in Riyadh at the close.
Stocks “are clearly responding to downward pressure in oil,” Jarmo Kotilaine, chief economist at Jeddah-based National Commercial Bank, said in a phone interview. “The oil price is something that fuels the fiscal engine and the broader economic mood.”
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