Saudi opens lower in early trade
Riyadh, April 6, 2013
Saudi stocks opened lower in early trade on Saturday as the all-share index dropped 0.3 per cent to 7157.19 points.
Al Rajhi Bank, the kingdom's largest listed lender, dropped 0.38 percent. Saudi Basic Industries Corp (Sabic), the world's biggest petrochemical company by market value, was down 0.3 per cent.
The banking index was down 0.44 per cent, while the petrochemicals index dropped 0.31 per cent in the early trading.
Brent crude fell to an eight-month low in heavy trading on Friday, dropping below $104 a barrel and capping the biggest weekly fall since June as a weak US jobs report fed worries about the economy of the world's largest oil consumer.
The jobs report also pushed U.S. stocks to their worst week this year with further losses on Friday.-Reuters
More Finance & Capital Market Stories
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards