Saudi market opens week with sharp fall

Riyadh: Saudi Arabian shares fell in the week's first day of trading, led by Saudi Basic Industries Corp, the world's biggest chemicals maker by market value.

The Tadawul All Share Index fell 2.1 per cent to 6,716.35 at 11:50am in Riyadh. Sabic fell 3.8 per cent to 101.5 riyals. Samba Financial Group, the second largest bank in Saudi Arabia by market value, dropped 5.2 per cent to 78.25 riyals. Al Rajhi Bank, the country's largest bank by market value, fell 2.7 per cent to 81.25 riyals.

Bahrain

Al Maraj: Banks safe

Bahrain's financial sector has not been affected by the global credit crisis, the state-run Bahrain News Agency reported yesterday, citing a statement in local newspapers by central bank governor Rasheed Al Maraj.

All commercial and investment banks operating in the Gulf state "enjoy strong monetary solvency" Al Maraj said.

- Bloomberg