Middle East Economic Survey

VOL. XLVII

No 22

31-May-2004

SAUDI ARABIA

CAPITAL MARKETS

Saudi Stocks Correct From Years All-Time High

Last week the Saudi Arabian stock market saw a sharp correction from the all-time highs it reached in mid-May amid panic-selling which forced many of the stocks to the 10% limit-down level. The benchmark Tadawul All Share Index (TASI) closed on 27 May down 4.4% on the previous day and 11.4% on the previous week at 5,114.05 points after slipping to 4,992.6 points, which...