Riyadh: Saudi Arabian shares were little changed on the first day of the week as investors came back from holidays and geared up for third-quarter earnings.
Banque Saudi Fransi and Saudi British Bank, known as SABB, led losses while Al Rajhi Bank, the kingdom's biggest publicly traded lender by market value, gained. The Tadawul All Share Index declined 0.3 per cent at 1:12pm (local time) in Riyadh to 6,337.54.
"The drop in oil yesterday [Friday] is causing the market to stay relatively flat today [yesterday]," said Anas Kassem, an investment analyst at Ajeej Capital in Riyadh. "Investors continue to come back from their Eid holidays and start positioning themselves for third quarter numbers."
Oil dropped to a two-week low on Friday on speculation that the US economic recovery is slowing. Crude oil for October delivery declined to $73.66 (Dh270.92) a barrel on the New York Mercantile Exchange.
Futures slipped 3.6 per cent last week.
