Saudi Arabian shares dropped the most in a week, led by petrochemical companies and banks, after the International Monetary Fund cut its U.S. growth forecast for 2011.
Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker, and Al Rajhi Bank (RJHI), the kingdom’s largest publicly traded lender by market value, led the losses. Banque Saudi Fransi (BSFR) fell for a fourth straight day.
The 146-company Tadawul All Share Index (SASEIDX) dropped 0.8 percent, the biggest intraday loss since June 11, to 6,499.27 at 2:15 p.m. in Riyadh, extending its monthly loss to 3.5 percent. Four shares dropped for every stock that rose.
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