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Closing bell prevents Tadawul market from sellout

24 August 2010

With two gainers and 137 losing shares (five stocks ended flat), the Saudi Arabian Tadawul bourse witnessed one of its worst advance-decline ratio in the year, as the exchange's benchmark index TASI dipped 1.45% to 6,018.27 points. As oil prices dipped further on Monday, down 1.5% at around $71.86 as of the close of trading in Riyadh, energy and petrochemical shares weighed on the market. Bellwether Sabic plummeted 2.34%, finishing at SR83.50. Credit Suisse's research daily stated today: "At current prices, we think oil is starting to look cheap. It will be important to see whether the market can find support at one of the next technical levels. In this regard, $71.80 will be an important level to watch."

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