Saudi Arabian shares retreated the most in two months, leading a decline in Persian Gulf markets, after global equities fell on concern the global economic recovery is faltering. Oil declined for a fifth day.
Saudi Basic Industries Corp., the world’s biggest petrochemical maker known as Sabic, dropped to the lowest since July 4. Its Saudi Kayan Petrochemical Co. unit fell 5.7 percent to a 10-month low and Jabal Omar Development Co., a Saudi real- estate developer, slid the most in two months. The Tadawul All Share Index declined 1.5 percent to 6,018.27 at the 3:30 p.m. close in Riyadh, the biggest slump since June 29. The Dubai Financial Market General Index lost 0.5 percent and the Bloomberg GCC 200 Index slid 0.7 percent.
“A stream of negative news from international markets over the past week has pushed buyers to the sidelines,” said Amro Halwani, a trader at Shuaa Capital PSC in Saudi Arabia. “Sentiment on oil is still murky. This is pushing nervous investors to dump petrochemicals.”
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