Saudi shares decline to two-week low

Riyadh: Saudi Arabian stocks fell to a two-week low on the week's first day, led by declines in real estate companies and banks, after shares in Europe and developing markets retreated for a fourth day.

Dar Al Arkan Real Estate Development Co., Saudi Arabia's biggest property company by market value, Al Rajhi Bank and Riyad Bank contributed to a third straight decline for the Saudi Tadawul All Share Index, which slid as much as 0.6 per cent to 6306.22. That would be the lowest closing value since June 13.

"Global markets were jittery over the Saudi weekend and it is translated in the Saudi market today," said John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh. "Volumes are pretty thin as we are getting to the summer season and expectedly volumes decline."

Dar Al Arkan dropped as much as 1.6 per cent to 12.6 riyals, the lowest intraday price since March 30, 2009.