tadawul index drops 38
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Tadawul index drops 3.8%

Arab Today, arab today

Arab Today, arab today Tadawul index drops 3.8%

Saudi Arabia’s stock index slumped 3.8 percent
Jeddah - Arab Today

Saudi Arabia’s stock index slumped 3.8 percent on Tuesday after the government said it would cut ministers’ salaries by 20 percent and scale back financial bonuses and perks for public sector workers under an austerity drive.
The new steps largely appear to formalize spending reductions introduced on an ad hoc basis since last year, and they will not by themselves make a huge difference to the government’s deficit. NCB Capital estimated allowances accounted for about a quarter of the government’s total salary expenses last year, which were 38 percent of its overall budget.
Nevertheless, the announcement underlined the bleak outlook for Saudi government spending, which is a key driver of consumption, as oil prices stay low.
None of the 170 traded Saudi shares rose on Tuesday with roughly 30 percent of them dropping their 10 percent daily limits as trading volume jumped above the three-month average. The index posted its biggest daily percentage drop since January.
The retail and insurance sectors were hard hit. Luxury goods retailer Fitaihi slumped 10.0 percent and supermarket operator Al-Othaim Markets dropped 4.7 percent.
The insurance sub-index retreated 5.9 percent; the sector is chiefly traded by local retail investors.
“Disposable income has been hit — traders can no longer afford to participate in the stock market because they now have to divert this money toward paying bills,” said a Jeddah-based broker.
“Moving forward I think there will be far more prudence when it comes to trading the speculative stocks. For the value traders, this may be a good time to hunt for value.”
Banking shares, which had rallied on Monday, erased some of those gains with National Commercial Bank, a lender with close ties to the public sector, down 3.5 percent and Aljazira Bank, which does considerable business with stock market participants, shedding 5.4 percent.
Dubai’s main index pulled back 0.8 percent with 24 stocks declining and eight advancing. Builder Drake & Scull , which has substantial exposure to Saudi business, dropped 1.8 percent and Dubai Parks and Resorts retreated 1.3 percent.
Blue chips weighed on Abu Dhabi’s index, which fell 0.5 percent. Dana Gas lost 3.6 percent and First Gulf Bank declined 1.3 percent.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

tadawul index drops 38 tadawul index drops 38

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

tadawul index drops 38 tadawul index drops 38

 



GMT 09:16 2017 Wednesday ,13 December

Cape wearing tips

GMT 20:49 2017 Monday ,21 August

South Asia floods claim more than 750 lives

GMT 19:06 2016 Saturday ,10 December

IOF Close Al-Nabi Saleh Village's Entrance

GMT 18:01 2017 Wednesday ,22 February

Abu Sayyaf ‘likely’ behind Vietnam freighter attack

GMT 06:41 2017 Sunday ,03 December

Hamas threatens 'intifada' over US moves on Jerusalem

GMT 16:17 2017 Saturday ,21 January

BMW 7 series crosses 5,000 unit mark in 2016

GMT 12:17 2016 Wednesday ,24 February

United Technologies nixes Honeywell merger

GMT 23:37 2017 Monday ,31 July

Saudi Arabia sanctions Hezbollah member

GMT 05:45 2018 Saturday ,29 September

Abdullah bin Zayed hosts official reception in New York

GMT 04:12 2018 Friday ,12 January

Saudi-led coalition says Yemen rebels threat

GMT 11:18 2014 Monday ,22 December

Richard Ward adds to The Chelsea Collection
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday