Saudi Arabian shares declined for the fourth straight day as U.S. stocks fell on lingering concern that Europe’s government debt crisis may threaten the economic recovery.
The Tadawul All Share Index gauge fell 0.22 percent to 6,378.39 at 2:01 p.m. in Riyadh. Saudi Basic Industries Corp., the world’s largest petrochemicals maker, known as Sabic, and Al Rajhi Bank, the kingdom’s biggest publicly traded lender by market value, led the decline. Tadawul gained 3.8 percent last month.
“Saudi Arabia has shown a tendency to follow more defined market price actions in the U.S,” said Anas Kassem, an investment analyst at Ajeej Capital in Riyadh. “It is lacking much conviction whether to be bearish or bullish. Investors have been positioning themselves for third quarter earnings for the last week or so.”
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