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Sat 5 May 2012 12:51 PM

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Saudi down after fall in oil prices, global stocks

The index of the largest Arab stock market is down 1.6 percent

Saudi down after fall in oil prices, global stocks

Saudi Arabia's bourse falls in early trading after a drop in oil prices and global stocks, weighed by petrochemical and banking shares.

The index of the largest Arab stock market is down 1.6 percent, as the petrochemical sector benchmark drops 2 percent and the banking index loses 1.5 percent.

Heavyweights Saudi Basic Industries Corp (SABIC) and Al Rajhi Bank are down 1.9 percent and 1.3 percent respectively.

Global stocks swooned and crude oil tumbled o n F Friday after a weak U.S. jobs report and data that suggested a deeper recession across the euro zone than previously thought dented sentiment.

Oil tumbled 2.5 percent on Friday, with U.S. crude below $100 a barrel for the first time since February.