Saudi Arabian shares declined on uncertainty about financial results for Saudi banks during the third quarter in the Arab world’s biggest economy.
The Tadawul All Share Index gauge shed 0.4 percent to 6,392.02, while the Tadawul All Share Bank Index fell 1 percent in Riyadh. Al-Rajhi Bank, the kingdom’s largest lender by market value, and Banque Saudi Fransi were among nine of 11 Saudi banks that declined in trading today.
“To a certain extent there is some concern about bank earnings,” Murad Ansari, Head of Research at EFG Hermes SA, said by phone from Riyadh. “We aren’t seeing any key changes in indicators for the banks in the third quarter of 2010. There was a run up in stock prices through September, and we are seeing a slight correction before the results.”
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