Tadawul slips on profit-taking

Saudi Arabia’s stock market closed lower Saturday as investors booked profits after a week that saw the Tadawul gain more than 4 per cent.

Banks and financial services companies pulled the Tadawul All-Shares Index 1.1 per cent lower to close at 5,984.56.

Regional stock markets recorded major gains last week as the Dubai Financial Market surged 13 per cent, Qatar’s Doha Securities Market advanced nearly 11 per cent and Abu Dhabi Securities Exchange rose 5.4 per cent. In the meantime, oil prices topped US$70 a barrel.