Saudi index suffers biggest one-day fall since June

Saudi stocks suffered their sharpest one-day fall since June after concerns over the strength of the economic recovery hit oil prices, and renewed worries about Citigroup's balance sheet clouded investor sentiment.

The all-share index closed 2.69 percent lower at 6,268.55 points led down by all sector indices. The index last recorded a larger fall on June 20 when it fell 3.6 percent.

Dow industrials suffered on Friday its worst slide since July.

Market heavyweights Saudi Basic Industries Corp (SABIC) closed 3.66 percent lower and Al-Rajhi Bank shed 2.3 percent.

The price of oil, the Saudi economy's mainstay, fell more than three percent on Friday to $77 a barrel pressured by bearish economic data that dented confidence about a potential recovery in energy demand.

Weaker US consumer sentiment in October and consumer spending cuts in September served as a reminder that the economy is still struggling, following Thursday's optimism about US growth in the third quarter. (Reuters)

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