The incident happened shortly after jury selection for the hush-money trial was completed
The all-share index closed on Wednesday at 2,597.34 points, down from 2,643.97 a week ago. The largest Arab bourse is up 3.1 per cent this year after a 3.6 per cent rise in 2002.
Turnover fell to 2.7 billion riyals ($720 million) from 5.6 billion in the previous week.
'Large caps, driven by Saudi Telecommunications Co (STC), continue to steer the stock market into low altitudes amid worries on the region"s political situation,' Bakheet Financial Advisors (BFA) said in a report.
'If there is a peaceful solution (to the Iraq crisis), we expect a strong rebound for the market.'
STC, the biggest listed firm after its recent partial flotation, was the most active share with 43.3 per cent of turnover. It ended down 3.4 per cent at 201.25 riyals, compared with a high of 249 on January 25 when it was listed.
'People are taking profits. The sale price of STC was 170 riyals,' said Samer Ghaddar, senior financial analyst at Dubai-based Shuaa Capital. 'But even STC has been affected by war concerns,' he added.
Saudi Investment Bank 1030.SE, which posted a slight rise in 2002 net profits to 304 million riyals, dropped five per cent to 236 riyals compared with a 12-month high of 274 riyals last September and a 12-month low of 193.25 riyals in February 2002.
Saudi Cement Co 3030.SE, whose 2002 net profits rose 51.3 per cent to 343.5 million riyals, added 1.8 per cent to 280 riyals, near a 12-month high and compared with a 12-month low of 194 riyals last February. The following stocks and factors will be in focus the next trading week starting February 15, when the market resumes trading following a holiday. STC is expected to announce Q4 results.
Saudi Arabia has voiced concern over Gulf security being threatened by a possible US-led attack on Iraq over its alleged possession of weapons of mass destruction as the United States and Britain build up their forces in the region. 'The Saudi stock market will continue to ease down on war tensions. But there will not be a big drop until after 2002 dividends are paid out,' Ghaddar said.
The incident happened shortly after jury selection for the hush-money trial was completed
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