Saudi stocks decline as banks suffer setback

Riyadh: Saudi Arabian shares fell for the first day in three, driven by banks such as Islamic lender Alinma Bank, which reported a first-quarter loss.

Saudi Arabia's Tadawul All Share Index declined 0.1 per cent to 6,882.01, the lowest in a week.

Alinma reported a first-quarter loss of 75 million riyals (Dh73.3 million), from a profit a year ago. The shares declined for a fifth day, shedding 1.2 per cent to 12.45 riyals. Al Rajhi Bank, the biggest bank in the kingdom by market value, fell 0.9 per cent to 84 riyals, the lowest in ten days. The second biggest lender, Samba, had its biggest drop since March 29, losing 1.2 per cent to 60.25 riyals.

"There is a possibility that future earnings growth will be impacted," said Murad Ansari, an equity analyst at EFG Hermes KSA.