Saudi Shares Fall on European Debt Crisis; Sabic, Al Raji Drop - Bloomberg

Saudi Arabian shares led by petrochemicals companies retreated after U.S. and European markets fell amid concern policy makers can’t end Europe’s debt crisis.

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. The 148- company Tadawul All Share Index (SASEIDX) weakened 0.7 percent, the steepest decline since Sept. 5, to 6079.90 at 12:38 p.m. in Riyadh. Two shares dropped for every stock that rose.

“Today’s decline is largely a reaction to yesterday’s losses on U.S. and European markets and crude pulling back on the strengthening dollar,” said Asim Bukhtiar, an equity analyst at Riyad Capital.

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