|11-14-2014, 12:05 PM||#1|
Saudi`s `Tadawul` edges lower on Thursday on lower oil prices, China data
Saudi Arabia’s stock market fell on Thursday, with petrochemicals dragging the market down after another slump in crude oil prices and lackluster Chinese data.
Tadawul, the main Saudi index, fell 0.91%, with the petrochemical index down 0.8%. Saudi Basic Industries (SABIC), and index heavyweight, fell 1.05%.
Brent crude oil was weaker on Thursday after falling below the $80-a-barrel mark on Wednesday for the first time in four years.
The decline in oil prices is highly correlated with the performance of petrochemical stocks, and has already showed an effect on some of their profits in the third quarter. Lower oil prices devalue their inventories.
However, a bigger catalyst could be the health of the Chinese economy, as it is one of the biggest markets for Saudi petrochemical companies. Data overnight showed China’s industrial output slowed down in October, and fixed-asset investment growth in China fell to its slowest in 13 years.
The National Commercial Bank (NCB), Saudi Arabia’s biggest, climbed 10% also on Thursday, mirroring Wednesday’s performance when it first started trading.
NCB’s rise could have affected other stocks, as investors could have cashed out of other shares in the market to put them into the bank’s shares.
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