The Saudi benchmark index TASI closed 4.22% lower, closing at a 4-month bottom at 6,681.18, 150 out 151 traded shares declined, while insurance firm Allianz Saudi Fransi Cooperative was the only stock that gained, closing 0.26% higher at 95.25 Saudi Riyal (US$24.76).
Friday, disappointing employment figures in the United States pulled the price for the "black gold" down to 83 dollars (WTI crude), the lowest level since mid-September 2011. During the last 4 weeks, Crude Oil prices fell by 21%. Stock indexes in New York, Frankfurt and London posted Friday their worst trading days so far in Y 2012.
In the United States, the May employment report for the non-farm sector showed that the World's largest economy created only 65,000 new jobs, but economists were expecting some 150,000.
The Saudi equity bourse is the only Gulf Arab market whose trading week starts on Saturday. All other exchanges will start trading Sunday.
With the Saudi market, a regional bellwether market place, beginning June's trading deeply in the Red, the signs for Dubai, Abu Dhabi, Doha, Manama, Kuwait and Muscat are not positive.
In Q-1 of this year, Riyadh and the Dubai Financial Market were the best performing gauges, gaining 22.09 and 21.92%. But ongoing worries over an escalation of the EuroZone debt crisis and the sharp decline in Crude Oil prices in May trimmed the year-to-date advances of both Arab markets down to 8.69 and 8.73%, respectively.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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