15/05/2011
Petchem share losses weigh on Tadawul
RIYADH: The Saudi share index closed 0.1 percent lower on Saturday, snapping a four-day rally as losses in the petrochemicals sector weigh on the bourse.
The all-share index closed at 6, 714 points and the petrochemical index ended 0.7 percent lower, as SaudiBasic Industries (SABIC) dropped 0.9 percent after gaining in the previous four sessions.
The banking index dropped 0.1 percent, dragged down by losses in Al-Rajhi Bank, which shed 0.3 percent.
Earlier in the day, shares opened lower dragged down by losses in the petrochemical and banking stocks.
The all-share opened 0.4 percent lower at 6,697 points and the petrochemical index opened 0.8 percent lower at 6,842 points. Saudi Fertilizers dropped 0.3 percent.
Analysts said the index dropped also on concern that swinging oil prices will affect the Kingdom’s economy.
