Most regional markets declined or ended flat as investors booked recent gains and Saudi Arabia’s index fell for a second straight day in a post-earnings season lull.
The Kingdom’s index slipped 0.2 percent, trapped in a 142-point range for the last four weeks, as investors continued to shun blue chips.
Most index heavyweights — petrochemical and banking shares — reported modest growth in earnings for the fourth quarter of 2012, disappointing investors.
“The market is lagging in direct response to the company results,” said Hesham Tuffaha, a Riyadh-based fund manager.
“Investors are not seeing a real catalyst in blue chips, which dominate the market. There is no more double-digit growth.”
Read more: http://www.arabnews.com/regional-markets-sluggish
The Kingdom’s index slipped 0.2 percent, trapped in a 142-point range for the last four weeks, as investors continued to shun blue chips.
Most index heavyweights — petrochemical and banking shares — reported modest growth in earnings for the fourth quarter of 2012, disappointing investors.
“The market is lagging in direct response to the company results,” said Hesham Tuffaha, a Riyadh-based fund manager.
“Investors are not seeing a real catalyst in blue chips, which dominate the market. There is no more double-digit growth.”
Read more: http://www.arabnews.com/regional-markets-sluggish
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