Real estate related economic and financial news covering the MENA region.
Tadawul market extends losing streak while market breadth improves
May 07, 2012
In Riyadh, the Saudi Stock Exchange's benchmark measure Tasi closed 0.25% lower at 7,358.87 points as oil prices declined below $97 per barrel (U. S. crude). Oil lost 6.42% during the last four weeks on worries over a global economic slowdown. Sabic, the global petrochem producer, ended off 0.25% at SR99.50. Zamil Industrial slipped 0.66% to SR29.90. Earlier in the day, Zamil anounced that its subsidiary Zamil Steel Buildings Vietnam has been awarded a SR60m ($16m) contract from PT Caterpillar Indonesia, a heavy machinery and equipment manufacturing company located in Cileungsi, Bogor, Indonesia, to fabricate and supply Pre-engineered Steel Buildings for the new Caterpillar Batam facility in Indonesia. Market breadth improved as 51 shares advanced while 86 declined.