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Sat 3 May 2008 05:24 PM

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Saudi suffers second straight loss

Market edges down 0.08% to 10,057.69 points on back of poor performances from banking stocks.

Saudi Arabia's main index suffered its second straight loss on Saturday, edging down on the back of poor performances from banking stocks.

Shares of SABB bank tumbled 4.68% and Al-Rajhi Bank fell 1.04% to pull the benchmark 0.08% lower to finish on 10,057.69 points.

The index, the worst performing in the Gulf Arab region, is down 8.73% this year to Saturday's close.

Shares of Savola Group, however, jumped 6.62% after the firm said it planned to increase its annual sugar refining capacity in Egypt by more than half to 1.15 million tonnes within two years.

Savola was the second gainer on the index for the session behind construction firm Red Sea Housing, which saw its stock price surge 9.91%.

Saudi Arabia is the only Gulf market to trade on a Saturday.