Saudi Arabian shares fell the most in two weeks after reports signaled the global economic recovery is faltering, damping investors' appetite for riskier assets and as oil declined.
Saudi Basic Industries Corp., or Sabic, the world's biggest petrochemicals maker, and Al Rajhi Bank, the kingdom's largest publicly traded lender, sank more than 2 percent. The 147- company Tadawul All Share Index lost 2.6 percent, the sharpest decline since Aug. 6, to 5,931.29, at the 3:30 p.m. close in Riyadh, extending this month's slump to 7.2 percent. All 15 industry groups retreated.
The Standard & Poor's 500 Index of U.S. stocks tumbled 5.9 percent and the Stoxx Europe 600 Index lost 6.3 percent over the previous two days, the Saudi weekend. Reports showed jobless claims rose in the world's largest economy and Philadelphia-area manufacturing shrank by the most since 2009, while investors speculated that European banks lack sufficient capital.
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