Saudi bourse hits five-year peak
Cairo, March 19, 2012
Turnover on Saudi Arabia's bourse hit a five-year peak on Sunday as money poured in with stocks hitting a new three-and-a-half year high.
The benchmark of the Saudi bourse, the largest in the Arab world, climbed 0.2 per cent to its highest close since September 14, 2008.
Shares worth SR18 billion ($4.8 billion) changed hands, the highest daily value since April 2007.
'Most of the turnover was because of speculative behaviour,' said Tarek Al Madi, a Saudi-based analyst. Fresh funds were rushing in from other asset classes such as real estate, analysts said. Trading focused on small-caps.
In Egypt, the main index lost 2 per cent, with real estate stocks leading the decline after investors were disappointed by results of Egyptian Resorts though it narrowed its 2011 loss.-Reuters