Saudi Arabian Shares Fall, Weighed on by Increase in Bank Loan Provisions - Bloomberg

Saudi Arabian shares fell for a fourth day after banks in the kingdom reported lower third- quarter profit on provisions for bad loans.

The Tadawul All Share Index lost 1.2 percent at 6,226.78, the lowest since Sept. 1, in Riyadh. Saudi Basic Industries Corp., the world’s largest petrochemical maker, National Industrialization Co., Arab National Bank and Saudi British Bank led the market lower.

“People are a bit concerned about the banks,” said Anas Kassem, an investment analyst at Ajeej Capital in Riyadh. “Most of us had thought that the provisioning cycle had pretty much come to an end.”