Saudi index down, banks and petchems weigh

All share index TASI falls 0.76% to 6,270.75 point; SABIC slips 0.92%.
Saudi index down, banks and petchems weigh
By Souhail Karam
Sat 21 Nov 2009 05:07 PM

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.

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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