Saudi Arabia’s main index ended lower for a second consecutive session on Saturday, dragged by shares of Samba Financial Group and Banque Saudi Fransi.
Samba and Saudi Fransi slid 4.56% and 6.25% respectively, pulling the benchmark down 0.07% to 9,665.78 points.
The benchmark is down more than 12% this year, making it the worst performer in the Gulf Arab region.
“The Saudi stock market continues its cautious performance,” Bakheet Investment Group said in a weekly report posted on its website. Trading is low in value terms “due to hesitation among investors”, it said.
The continued poor performance of the Gulf’s largest market by capitalisation comes despite record oil prices, which are driving economic development in Saudi Arabia, the world’s biggest oil producer.
Oil set yet another all-time high on Thursday, rising above $135 a barrel due to a weaker dollar and future supply concerns.
Saudi Arabia is the only market in the Gulf that trades on a Saturday.
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