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Saudi index down, banks and petchems weigh

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Saturday, 21 November 2009
OIL WATCH: Oil, Saudi Arabia's main revenue earner, fell below $77. (Getty Images)
OIL WATCH: Oil, Saudi Arabia's main revenue earner, fell below $77. (Getty Images)

Saudi shares closed lower dragged down by banking and petrochemical stocks after declines in the price of oil and global stocks on fears of weak US economic recovery.

The all share index TASI fell 0.76 percent to 6,270.75 points with Saudi Basic Industries Corp slipping 0.92 percent.

Samba Financial Group fell 1.38 percent, while Islamic lender Al Rajhi ended down 0.5 percent.

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The petrochemical stocks index fell 1.2 percent and the banking stocks index was down 0.66 percent.

On Friday, global stocks slid and the US dollar rose on as investors cut their exposure to risky assets.

Oil, Saudi Arabia's main revenue earner, fell below $77, weighed by the stronger dollar, and falling stock prices raised worries about the economy and the outlook for energy demand. (Reuters)

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