Sabic, Petrorabigh lead decline by Saudi shares

Riyadh (Bloomberg) Saudi Arabian shares fell the most in a week, led by Saudi Basic Industries Corp. (Sabic), as oil prices dropped to a seven-week low and European stocks extended their biggest weekly slump in 11 months.

Sabic, fell 2.3 per cent to 85.5 Saudi riyals, while Rabigh Refining and Petrochemicals Co., or Petrorabigh, dropped 2.5 per cent to 31.5 riyals. The Tadawul All Share Index slipped 1 per cent to 6,222.16.

"The Saudi market finds it hard to decouple from the downward pressures of other global equities," John Sfakianakis, Riyadh-based chief economist at Banque Saudi Fransi said yesterday.