Saudi stocks tumble, track global concerns
Riyadh, May 15, 2010
Petrochemicals stocks lead near across-the-board declines on the Saudi bourse after oil prices fall to a three-month low amid concerns Europe's debt woes will curb energy demand growth.
The all-share index was down 2.6 per cent in early trading, led by petrochemical giants Saudi Basic Industries Corp (Sabic), Kayan and Yansab.
The shares in Sabic fell 4.4 per cent while Yansab was down 6.1 per cent. By 0820GMT, only two out of the near-140 listed firms were up.
US crude oil futures dropped for a fourth straight session to a three-month on Friday. The Saudi bourse is closed on Thursdays and Fridays.
US stocks, meanwhile, fell on a combination of weak earnings from retailers, Senate backing for limits on credit card fees and concerns over the sustainability of European public debt.-Reuters