Oil price concerns drag Saudi bourse lower

The all-share index TASI declined 2.3 percent to 6,539 points in trading on Saturday.
Oil price concerns drag Saudi bourse lower
STOCK WATCH: The Saudi bourse is closed on Thursdays and Fridays.(Getty Images)
By Reuters
Sat 15 May 2010 12:46 PM

Petrochemicals stocks led the Saudi bourse lower after concerns that Europe's debt woes will curb energy demand growth drag down oil prices to three-month lows.

The all-share index TASI declined 2.3 percent to 6,539 points after the heavyweight petrochemicals index shed 4.4 percent.

Accounting for almost a third of the day's traded turnover, petrochemical giants Saudi Basic Industries Corp (SABIC) and its affiliate Kayan shed respectively 5.1 and 5.7 percent.

Of 138 listed firms, 125 ended lower while insurance stocks dominated gaining stocks.

US crude oil futures dropped for a fourth straight session to a three-month low on Friday.  The Saudi bourse is closed on Thursdays and Fridays. (Reuters)

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