Saudi stocks reverse losses, close up
Riyadh, June 22, 2013
Saudi stocks on Saturday regained early losses, following a slump in global equity markets and closed up 0.01 per cent at 7,527.36 points.
The petrochemicals index fell 0.83 per cent. Sabic closed down 1.08 per cent. However the banking index was up 0.17 per cent.
The Saudi food company Savola was down 0.99 per cent after saying on Saturday a fire at its United Sugar Co in Jeddah on Thursday would not affect its projected 2013 financial results.
The Saudi labour ministry said more than 1.5 million foreign workers in Saudi Arabia have changed their residence status since April ahead of a planned crackdown on illegally registered expatriates in the world's leading oil exporter.
Early in the day, the stocks fell in early trade following a slump in global equity markets prompted by Federal Reserve Chairman Ben Bernanke last week saying he would pare back monetary stimulus.
The kingdom's benchmark all-share index dropped 0.6 per cent to 7481.49 points. The petrochemicals index was down 0.96 percent with Sabic down 0.8 per cent.
Oil slid for a second day in choppy trade on Friday, with Brent posting its biggest two-day drop since September as the US dollar rallied and traders feared slower oil demand in China and diminished investor demand in the United States.
Last Saturday, Saudi's stock market plunged 4.3 per cent to a 13-month low, with its biggest listed companies losing value.-Reuters