Shares in Saudi Arabia, the world’s biggest oil exporter, declined for a second day before the start of the earnings season later this month.
The country’s benchmark stock index, the Tadawul All Share Index (SASEIDX), lost 0.1 percent to 6,408.89 at 1:15 p.m. in Riyadh. The measure declined 3.1 percent in 2011, it’s first drop since 2008. Banque Saudi Fransi, a lender part-owned by Credit Agricole SA, retreated 0.7 percent, while Saudi Kayan Petrochemical Co. (KAYAN) gained 0.3 percent.
“The Tadawul is expected to trade in a tight range over the next two days with no clear lead locally,” said Samer Darwiche, an equity analyst at Gulfmena Investment in Dubai. “Investors are waiting for fourth-quarter announcements” and there is a lack of global catalysts as international markets are closed for the New Year’s holiday.
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