|11-06-2014, 07:38 AM||#1|
Saudi`s `Tadawul` aiming for sharp losses on Wednesday, Mobily shares plunge
Saudi Arabia’s stock market lost more than 3.5% for the second straight session on Wednesday, coinciding with a slump in oil prices, and as Etihad Etisalat extended its slump to 20%.
The Tadawul All Share Index fell 3.54% on Wednesday, duplicating Tuesday’s losses, as the selloff in crude oil deepened after Saudi Arabia reduced the cost of its crude to U.S. refiners.
Brent crude, the benchmark for more than half of the world, fell 0.56% to $82.35 a barrel. Brent futures have declined more than 24% this year, with 2014 aiming to end the second year since 2002 that prices have ended lower than they began the year.
Worsening the selloff, Mobily fell 9.8% on Wednesday, the sharpest decline since February 2011 to and nearly capping the daily limit of 10% for the second straight session as investors flooded the company’s shares with sell orders.
This came after the Saudi Capital Market Authority (CMA) launched a probe against the company for possible violations of regulation on disclosures after the company restated its 2013 and 2014 earnings.
Mobily last traded at SAR65.
Most equity markets in the region fell, with Dubai’s Index falling more than 3% as well. Qatar and Abu Dhabi fell 1.96% and 2.4% respectively.
Shares in the region also failed to erase their losses even after the positive opening of European stock markets.
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