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Saudi Stock Index Falls - ASHARQ AL-AWSAT English Archive
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RIYADH, May 29, SPA– Saudi Arabian stocks eased yesterday. The all-share index of the largest Arab bourse fell 0.94 percent in morning trading, but trimmed some losses to end the first day of the trading week down 0.57 percent at 12,406 points, the daily English language newspaper Arab News reported.

The index ended the previous week to Thursday up 0.9 percent at 12,477. It had hit a record closing high of 12,729 points, but fell 4.7 percent on Wednesday.

Fawad Rizvi, equity economist at the Consulting Center for Finance and Investment, said the market would continue its impressive run in the long term.

Shailesh Dash, head of research at Global Investment House, said the Saudi stock market fall was &#34mainly sentiment-driven&#34.

&#34Some people sold, and that is healthy for the market,&#34 he said.

The index, which has quadrupled since early 2003, is up around 50 percent since the start of the year.

Telecoms firm Etihad Etisalat closed yesterday down 1.5 percent at SR687 ($183.2) while Saudi Telecom retreated 2 percent to SR872.

&#34Volatility can happen in any market. I think this drop will be temporary because the fundamentals in the Saudi market are still very good,&#34 said National Commercial Bank Senior Economist Muhammad Malick

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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