Saudi bourse ends rally, petchems weigh
Riyadh, May 14, 2011
The Saudi share index closed 0.1 per cent lower on Saturday, snapping a four-day rally as losses in the petrochemicals sector weigh on the largest Arab bourse.
The all-share index closed at 6, 714 points and the petrochemical index ended 0.7 per cent lower, as heavyweight Saudi Basic Industries (Sabic) dropped 0.9 per cent after gaining in the previous four sessions.
The banking index dropped 0.1 per cent, dragged down by losses in Al-Rajhi Bank which shed 0.3 per cent.
Earlier in the day, Saudi shares opened lower dragged down by losses in the petrochemical and banking stocks.
The all-share opened 0.4 per cent lower at 6,697 points and the petrochemical index opened 0.8 per cent lower at 6,842 points. Saudi Fertilizers dropped 0.3 per cent.-Reuters