Riyadh: The Saudi Tadawul benchmark index dropped 2.4 per cent to 5,857.60 Saturday. Petchem and bank stocks lead the decline.
"After a weaker-than-expected US jobs report on Friday, and concerns in Europe shifting to Hungary's debt problems, as well as the euro setting a new four-year low, its safe to say the market will face some pressure. "Oil dipping back below $72 won't help either," a Saudi trader said.
Meanwhile, Saudi Aramco, the world's largest state-owned oil company, yesterday lowered selling prices for all crude grades for customers in Asia for July and raised prices to Europe and on some to the US. It lowered the formula price of its super light crude the most, cutting it by 95 cents a barrel to $1.25 above the price of Oman/Dubai. The price of extra light crude fell 70 cents to 65 cents a barrel above the benchmark, while the light crude price fell 40 cents to a 20 cent a barrel discount.
