21/08/2010
Saudi market down after oil prices fall
Petrochemical stocks lead the Saudi bourse down in early trading after crude oil prices fell to a six-week low on negative economic data and swelling U.S. inventories.
The all-share <.TASI> index is down 0.8 percent to 6,077 points.
Shares in petrochemical giant Saudi Basic Industries Corp slide 1.8 percent while the petrochemical index is down 1.6 percent.
The banking sector drops 0.5 percent as shares in Samba bank <1090.SE> shed 1.3 percent.
On Friday, crude oil prices fell a third straight day and logged a second consecutive losing week as dismal economic data and bulging U.S. oil inventories kept investors worried about the economy and the outlook for oil demand.
