MIDEAST STOCKS-Saudi shares drop on real estate concerns; Gulf mixed | Reuters:
"Saudi Arabia's bourse dropped on Tuesday as concerns over local real estate sector triggered a market-wide sell-off that analysts say could be the start of investors shifting to more attractive opportunities in neighbouring property sectors.
Shares in Dar Al Arkan tumbled 7.5 percent and its peers also fell, which pushed the real estate sector index down 3.2 percent.
The main benchmark, which hit a five-year high on Nov. 18, fell 1.3 percent to trim year-to-date gains to 21 percent and it's lowest closing level since Nov. 6.
"The correction is across the board - the market was reading into talks about property projects being cancelled since 2010 in Saudi Arabia," said John Sfakianakis, chief investment strategist at Saudi investment firm MASIC."
'via Blog this'
No comments:
Post a Comment