Saudi shares dropped the most in four months, led by Saudi Basic Industries Corp. and Al Rajhi Bank, after oil declined yesterday and U.S. consumer data raised concern the global recovery may be protracted.
Saudi Basic Industries, the world’s largest petrochemicals maker, known as Sabic, and Al Rajhi, the largest lender in Saudi Arabia by market value, fell the most since August. The country’s Tadawul All Share Index retreated for a third trading session, falling 2.7 percent, the biggest drop since June 21, to 6,268.55. The market was closed Oct. 29 and yesterday for the local weekend.
The U.S. Commerce Department said consumer spending slipped 0.5 percent in September, while another report showed a gauge of confidence weakened in October, helping end a streak of seven straight monthly gains for the Standard & Poor’s 500 Index. Crude fell the most in a month on the consumer-spending report, which increased skepticism that the economy will strengthen.
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