Saudi bourse down, Electricity shines

Saudi Arabia's benchmark TASI falls 1.2% in trading on Saturday to 5,927.5 points.
Saudi bourse down, Electricity shines
SAUDI STOCKS: The Saudi bourse is closed on Thursdays and Fridays.(Getty Images)
By Reuters
Sat 05 Jun 2010 02:20 PM

Petrochemical and banking shares led the Saudi bourse to a lower close after mounting concerns over the spread of a debt crisis in Europe and a decline in oil prices.

The all-share index TASI ended 1.2 percent down at 5,927.5 points.

Shares in export-oriented Saudi Basic Industries Corp (SABIC) lost 2.9 percent to 83.3 riyals and Banque Saudi Fransi - affiliated to French Calyon - shed 4.1 percent.

Trade was led by state-controlled power utility Saudi Electricity whose stock closes nearly limit up - or 9.8 percent higher - after it announced an expected rise in revenue on higher electricity tariffs for non-household users as of July.

The Saudi bourse closes on Thursdays and Fridays.

On Friday, oil prices fell 4 percent sliding below $72 a barrel as disappointing US employment data and fresh fears about Europe's bank woes spreading made investors risk averse and worried about economic recovery.

Saudi shares also track global markets performance. Both U.S. and European stock markets fell sharply on Friday.  (Reuters)

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