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Saudi plunges on petchem, banking loss

Riyadh, June 23, 2012

Saudi stocks closed lower on Saturday, dragged down by losses in petrochemical and banking sectors. The all-share ended 0.9 percent lower at 6,774 points.

The petrochemical index ended 0.8 per cent lower at 5,964 points. Petrochemical giant Saudi Basic Industries corp (Sabic) closed 0.5 per cent down.

The banking index slipped 0.9 per cent to 15,417 points, dragged down by losses in heavyweight Al Rajhi Bank which fell 0.7 per cent.

Earlier in the day too, the shares opened lower weighed by losses to petrochemical and banking stocks after global oil and equity markets dipped on Thursday and Friday.

Brent oil futures had hit an 18-month low on Thursday before rebounding to settle at $90.98 a barrel on Friday, a fall of 6.8 percent over the week.

US shares slipped more than 2 percent on Thursday, the second-worst fall of the year, before gaining slightly on Friday.-Reuters




Tags: banking | Saudi | petchem | loss |

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