Saudi stocks hit one-month low ahead of Q3 earnings

DUBAI — Shares in Saudi Arabia, the only Gulf Arab stock market open on Saturdays, fell to the lowest level in more than a month as investors awaited quarterly results and after oil had its biggest weekly decline in three months.

By (Bloomberg)

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Sun 23 Sep 2012, 11:06 PM

Last updated: Tue 7 Apr 2015, 12:29 PM

Saudi Basic Industries Corporation, the world’s largest petrochemicals maker known as Sabic, dropped for the fifth day. Samba Financial Group, Saudi Arabia’s second-biggest listed bank by market value, lost 1.1 per cent. The Tadawul All Share Index retreated 0.4 per cent to 7,031.04, the lowest level since August 15, at the close in Riyadh.

“Investors are waiting for third-quarter results,” Turki Fadaak, head of research at Albilad Investment Company in Riyadh, said in a telephone interview on Saturday.

Sabic dropped 1.1 per cent to SR91.50, the lowest level since September 11. The company may announce a 31 per cent decrease in third-quarter profit to SR5.6 billion, according to an estimate from Al Rajhi Capital.

More news from