Saudi Arabia (SABIC)’s shares headed for the lowest close in almost six weeks on investor concern that oil prices may retreat amid signs the global economic recovery is slowing.
Saudi Kayan Petrochemical Co. (KAYAN), the company 35 percent owned by Saudi Basic Industries Corp., slumped 5.9 percent after its first-quarter loss widened. Saudi Arabian Fertilizer Co. (SAFCO), the company known as Safco also part-owned by Saudi Basic, tumbled to the lowest intraday level since February. Saudi Arabia’s Tadawul All Share Index (SASEIDX) fell 1.6 percent to 7,408.02, poised for the lowest close since March 7, at 1:34 p.m. in Riyadh.
Crude oil for May delivery fell 0.5 percent last week to $102.83 a barrel on the New York Mercantile Exchange after Saudi Arabia’s oil minister said the kingdom is determined to see lower prices. Saudi Arabia, the world’s biggest oil exporter, derives more than 90 percent of public revenue from oil exports.
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