Saudi Stocks Fall on Economic Concern; Fitaihi, Gypsum Drop After Earnings - Bloomberg

Saudi Arabia shares fell the most in more than a week as concern economic growth is faltering pushed global stocks lower and after Fitaihi Holding Group and National Gypsum Co. posted lower quarterly earnings.

The kingdom’s Tadawul All Share Index retreated 1.1 percent, the most since June 29, to 6,056.41, led by Saudi Basic Industries Corp., the world’s largest petrochemical company. The benchmark rose 1.6 percent yesterday. Fitaihi and National Gypsum Co. slid the most in more than a month. The Bloomberg GCC 200 Index of Gulf equities fell 0.5 percent and Dubai’s DFM General Index lost 0.9 percent.

The U.S. Institute for Supply Management’s index of non- manufacturing businesses in June fell more than expected to a four-month low from May, according to data published yesterday. Global stocks fell, with the MSCI World Index of developed nations retreating 0.3 percent as of 4:45 p.m. in Dubai.