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Sat 13 Oct 2012 12:52 PM

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Saudi shares close lower, weighed by global stocks

Gulf kingdom's all-share index declines to 11-week low as banking sector drops nearly 2%

Saudi shares close lower, weighed by global stocks

Saudi shares closed down 1.82 percent to an 11-week low on Saturday as the market reacted to last week's lacklustre banking results, weak global stocks and a dip in energy prices.

The fall to 6,682 points left the index at its lowest mark since July 25.

The banking index ended 1.92 percent down in its first session since Banque Saudi Fransi (BSF) posted a drop in third-quarter profits and Saudi British Bank results missed analyst forecasts.

Riyad Bank had posted earnings that were short of analyst expectations on Tuesday.

BSF closed 3.26 percent down and SABB finished 2.68 percent down.

The petrochemical index, grouping Saudi Arabia's most valuable listed companies, closed down 1.25 percent with heavyweight Saudi Basic Industries Corp (SABIC) losing 1.12 percent.

On Friday Brent oil slipped below $115 a barrel and stocks fell in the United States.

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