Sunday 1 July 2012

Saudi tumbles after biggest one-day gain

Saudi Arabia's index fell in early trade on Sunday after notching up its largest one-day gain in 10 weeks yesterday as investors waited for new catalysts to justify further buying.

The index slipped 0.4 per cent to 6,681 points. It slumped to a five-month low on Wednesday, but rose 1.9 per cent on Saturday following big gains in oil prices and world stocks.

That surge came after euro zone leaders agreed on measures to cut soaring borrowing costs in Italy and Spain.

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