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Saudi market drops as market breadth dives

: Sunday, March 02 - 2014 @ 18:45

The Tadawul All Share Index lost 0.2 per cent higher at 9,088.68 points on Sunday, March 2nd. SABIC, the first petrochemical firm in the world and Saudi bellwether, gained 0.22 per cent to SAR114.75. But 35 gaining shares were confronted with 112 declining stocks, weighing on the gauge. Sahara Petrochemical Company finished 0.95 per cent to SAR20.80. Bank Al Bilad dived 3.02 per cent to SAR38.50. Earlier in the day, Citigroup chief economist for the Middle East Farouk Soussa said Total consumer lending by Saudi banks grew by over 18% in the year to end-Q3 2013, compared with the same period a year earlier. “Interestingly, this is despite a steady decline in credit card borrowing, with consumers taking out more home loans and other personal loans to fuel consumption.”

Gérard Al-Fil

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Sunday, March 2- 2014 @ 18:45 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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