Saudi Arabia's index made its largest decline since late June on Wednesday and further losses are forecast as the Kingdom's bourse tracks stuttering world markets and oil.
Most Middle East bourses fell on similar sentiment, with trade slack on the first day of the Muslim month of Ramadan.
Saudi Basic Industries Corp. (SABIC) fell 1.7 percent, weighing on the index, which dropped 1.2 percent. The Tadawul All-Share Index (TASI) closed 1.21 percent down at 6,187.97 points. The sector activity for the day was negatively biased with all sectors closing with losses ranging from 0.04 percent by the Retail sector to 1.97 percent by the Insurance sector. The overall market breadth for the day also remained heavily negative with only 6 advancers against 129 decliners giving it an AD ratio of 0.046, the Financial Transaction House (FTH) said in its daily market commentary.
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