Saudi Arabian shares declined for a fifth day, led by petrochemicals companies and banks after U.S. and European markets retreated this week on concern the global economic recovery is slowing.
Saudi Basic Industries Corp., the world’s largest petrochemicals maker known as Sabic, led the retreat, followed by Samba Financial Group and Riyad Bank. The 143-company Tadawul All Share Index lost 1.8 percent to 6,079.4, the lowest since July 21, at 12:31 p.m. in Riyadh.
“The market is correcting due to the double whammy of a global downward trend on mounting concerns about the state of the global economy, as well as the Ramadan effect,” said John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh.
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