Petrochems weigh on Saudi bourse

RIYADH - Saudi Arabia’s benchmark stock index snapped a four-day advance, led down by petrochemical firms.

The Tadawul All Share Index slid 0.3 per cent to close at 7,157.64 points in Riyadh. Saudi Basic Industries Corp declined 0.5 per cent to SR97, the lowest level since March 25. National Industrialisation fell 1.6 per cent, the most since January 21, to SR31. The gauge has added 5.2 per cent in 2013.

“The Saudi index closed in an up-trend last week at its highest level since May and this week is the last week before first-quarter earnings start coming out,” said Turki Fadaak, head of research and consultancy at Albilad Investment. “I think the movement of the market is going to be volatile during the week until earning results.”

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