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INVESTORS FLEE TO GOVT BONDS

Saudi Arabia... worries about economic growth

Saudi Arabia shares tumble, Dubai extends drop

DUBAI, October 12, 2014

Saudi Arabia's main stock index tumbled in early trade on Sunday as worries about economic growth sparked sharp declines on global and regional markets, while Dubai plunged 6.7 per cent and Abu Dhabi slid 2.1 per cent.

Saudi's benchmark fell 3.6 per cent in a broad-based sell-off. Petrochemicals giant Saudi Basic Industries Corp (Sabic) was the main drag, dropping 4.3 per cent. Al Rajhi Bank fell 3.7 per cent.

Shares in Almarai, the Gulf's largest dairy company, were down 2.8 per cent, even though the company had reported a 13.4 per cent increase in third-quarter net profit on Sunday, slightly ahead of analyst estimates.

Elsewhere in the region, Qatar dropped 2.7 per cent.

Global markets took a hit on Friday as investors fled to the safety of government bonds after a raft of weak indicators from Europe and China collided with concerns about the US Federal Reserve's plans to reduce monetary stimulus. – Reuters




Tags: Saudi Arabia | Shares | Government bonds | Dubai stock market |

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