Saudi Shares Decline for a Fourth Day, Led by Saudi Basic, Samba Financial - Bloomberg

Saudi shares dropped for a fourth day, led by Saudi Basic Industries Corp., after U.S. and European stocks and crude oil prices declined.

The Tadawul All Share Index fell 64.6 points, or 1.1 percent, to 6,110.2 at 2:01 p.m. in Riyadh, the lowest since July 7. Saudi Basic, the world’s largest petrochemical maker, fell 1.3 percent, knocking about 11 points off the index. Samba Financial Group and Al Rajhi Bank also declined.

“Profit taking that priced in the earning seasons and jittery international markets led to today’s decline,” said John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh.