Business | Markets
Saudi shares slide as western markets ease
Saudi Arabian shares dropped as the trading week began, led by Saudi Basic Industries Corp. and Al Rajhi Bank, after stock indexes in the US and Europe recorded their third weekly decline.
- Bloomberg
- Published: 23:04 July 4, 2009
Dubai: Saudi Arabian shares dropped as the trading week began, led by Saudi Basic Industries Corp. and Al Rajhi Bank, after stock indexes in the US and Europe recorded their third weekly decline.
Saudi Basic Industries, the world's largest chemicals maker by market value, fell 6.4 per cent. Al Rajhi shed 2.8 per cent and Samba Financial Group fell 1.9 per cent.
The Tadawul All Share Index declined 2.4 per cent to 5,467.81 in Riyadh, bringing the measure to a two-month low. The index has added 14 per cent this year after slumping more than 50 per cent in 2008 as the price of oil, the country's biggest export, declined.
Crude fell 3.7 per cent to $66.73 a barrel in New York on July 2, the last day of trading before the US Independence Day holiday. That's 8.2 per cent lower than this year's highest closing for the commodity of $72.68 a barrel on June 11.
US and European stocks fell for a third straight week, the longest losing streak since March, on concern job cuts may prolong the recession.
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