ArabianBusiness.com - Middle East Business News Saturday, 05 July 2008 | 07:15 UAE time

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Saudi suffers second straight loss

by Dylan Bowman on Saturday, 03 May 2008
STOCKS DOWN: Saudi's main index edged slightly lower for the day on the back of poor performances from banking stocks. (Getty Images)

Saudi Arabia's main index suffered its second straight loss on Saturday, edging down on the back of poor performances from banking stocks.

Shares of SABB bank tumbled 4.68% and Al-Rajhi Bank fell 1.04% to pull the benchmark 0.08% lower to finish on 10,057.69 points.

The index, the worst performing in the Gulf Arab region, is down 8.73% this year to
Saturday's close.

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Shares of Savola Group, however, jumped 6.62% after the firm said it planned to increase its annual
sugar refining capacity in Egypt by more than half to 1.15 million tonnes within two years.

Savola was the second gainer on the index for the session behind construction firm Red Sea Housing, which saw its stock price surge 9.91%.

Saudi Arabia is the only Gulf market to trade on a Saturday.

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