Saudi shares decline to week-low on speculation

Saudi Arabia’s benchmark stock index dropped to the lowest level in almost one week on speculation this year’s rally was overdone and as crude oil slipped in New York trading.

By (Bloomberg)

Published: Tue 1 May 2012, 10:51 PM

Last updated: Tue 7 Apr 2015, 12:54 PM

Al Rajhi Bank, the Gulf’s largest Islamic lender, headed for the lowest close in two weeks. Samba Financial Group, the second-largest Saudi Arabian lender, decreased 1.4 per cent. The Tadawul All Share Index lost 0.5 per cent to 7,521.05 in Riyadh, the lowest intraday level since April 25. The gauge has retreated four per cent this month, trimming the advance this year to 17 per cent.

Brent crude headed for its first monthly decline in four amid concern that Europe’s economic recovery is stalling, while crude for June delivery fell as much as 0.6 percent to $104.32 a barrel on the New York Mercantile Exchange. Al Rajhi decreased 0.6 percent to 77.75 riyals, headed for the lowest close since April 16. Samba headed for the biggest decrease since April 24, to 51.25 riyals.

Bahrain’s BB All Share Index rose 0.4 percent, Kuwait’s Stock Exchange Price Index advanced 0.5 per cent and Qatar’s QE Index gained 0.2 per cent. Oman’s MSM 30 Index was little changed, while Abu Dhabi’s ADX General Index fell 0.3 per cent and Dubai’s DFM General Index retreated 0.5 per cent.

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