Petchems, banks lead Saudi bourse down

Petrochemical and banking stocks led the Saudi bourse's benchmark to a lower close after rising over the previous three sessions.

The all-share index TASI closed 2.35 percent at 5,467 points, its lowest close since April 27.

Largest-listed Saudi Basic Industries Corp (SABIC) ended 6.4 percent lower at 58.5 riyals ($15.60), its lowest in two months.

Alinma Bank led trade before closing 1.1 percent down at 13.05 riyals. The lender announced earlier in the day the launch of its banking services.

Shares in Qassim Cement Co closed up by nearly the 10 percent limit at 128 riyals, their highest since September 3, 2008.

The company plans to offer shareholders one bonus share for each existing one in a bonus capital hike. (Reuters)

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