Shares in Saudi Arabia fell for a fourth day led by Saudi Basic Industries Corporation (Sabic) and banks as the catastrophic effects of the global financial crisis continued to ripple across Gulf markets.
The Tadawul All Share Index lost 5.9 per cent to close at 5,794.87. The index has fallen 48 per cent this year. The Tadawul All Share Bank Index fell 4.8 per cent, pushing the decline for the year to 48 per cent.
Some of the kingdom's and the region's largest companies fell dramatically yesterday. Sabic dropped 9.7 per cent on forecasts of slower growth in quarterly net income. Al-Rajhi Bank, the largest bank in the kingdom by market value, closed at its lowest level since July last year. Tabuk Cement fell 9.8 per cent on a drop in net income.
"Gulf markets are getting sold down like other emerging markets, irrespective of their unique underlying fundamentals," said Ali Khan, the head of equity trading at Dubai's Arqaam Capital. "It reflects the flight of international liquidity from emerging markets."
European and Asian benchmark indexes posted their worst weekly retreats on record as exchanges in Russia, Indonesia and Ukraine suspended trading in an effort to halt a global rout that has wiped out US$25 trillion (Dh91.83 trillion) from global equities this year.
Al-Rajhi Bank fell 4.4 per cent to 66 Saudi riyals (Dh64.6). Banque Saudi Fransi dropped seven per cent to 53 riyals, while Arab National Bank lost 9.9 per cent to 39.2 riyals, its lowest level since Oct 2004.
Saudi banking shares have declined on concerns that the global financial crisis will have an impact on their brokerage operations. Al-Rajhi Bank, Samba Financial Group and Riyad Bank, the three biggest lenders in Saudi Arabia by market value, said on Oct 7 that they had no exposure to international mortgage markets as the credit crisis ravaged stock markets and made banks insolvent.
"People expect their fee income to take a hit because of the general downturn in the market," said Faisal Hasan, the head of research at Global Investment House in Kuwait.
Sabic, the Middle East's biggest company by market value, dropped 9.7 per cent to 81.5 riyals, giving the company a market value of 244.5bn riyals. The stock has lost 51 per cent this year.
The petrochemical maker may report third quarter net income rose 6.8 per cent to 7.9bn riyals, its weakest growth in nine quarters.
Tabuk Cement, a Saudi cement maker, declined 9.8 per cent to 27.5 riyals after reporting a 58 per cent drop in third quarter profit on lower sales. Net income declined to 22.9 million riyals from 54.6m riyals a year earlier, the company said in a statement on the Saudi bourse website.
On Thursday, Gulf shares rose after some of the region's central banks cut interest rates, along with the US Federal Reserve and others, to try to ease the economic effects of the worst financial crisis since the Great Depression.
Oman's Muscat Securities Market 30 Index advanced 8.3 per cent, the Kuwait Stock Exchange Index climbed 3.8 per cent, and in Qatar the DSM 20 Index gained 1.9 per cent. The Dubai Financial Market General Index rose 3.7 per cent and the Abu Dhabi Securities Exchange General Index added one per cent. The Bahrain All Share Index increased 0.5 per cent.
* with Reuters
Jawan
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
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Install an air filter in your home.
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Shower or bath after being outside.
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THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
Company%20Profile
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Company%20Profile
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
MATCH INFO
Real Madrid 3 (Kroos 4', Ramos 30', Marcelo 37')
Eibar 1 (Bigas 60')
Profile of Foodics
Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.