Sabic leads stock decline as crude price slides

Riyadh: Saudi Arabian shares fell for a third consecutive day, led by Saudi Basic Industries Corp, as crude oil prices dropped to the lowest in almost six weeks, clouding the economic outlook for the world's largest supplier.

Saudi Basic Industries Corp, known as Sabic, fell to the lowest in three weeks, while Samba, the kingdom's second-biggest bank, led declines among financial companies. The Tadawul All Share Index slipped 0.8 per cent to 6,203.49 at 12.45pm in Riyadh.

Investors are selling stock in petrochemical companies on concerns that Chinese restrictions on bank loans will slow growth in the country, the largest oil consumer, Bakheet Investment Group said in a weekly stock market report on January 27.