Saudi Arabian shares fell the most in more than two weeks after oil slipped below $100 a barrel for the first time since February and a decline in U.S. job additions fueled concern the country’s economic growth may slow.
The Tadawul All Share Index (SASEIDX) dropped 1.3 percent, the most since April 15, to 7,450.26 at the 3:30 p.m. close in Riyadh. Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker also known as Sabic, also declined the most since April 15. Al-Rajhi Bank (RJHI), the country’s largest lender by market value, retreated 1 percent.
“Petrochemicals are leading declines because of the drop in the price of oil and the U.S. jobs report, which fell below expectations,” Turki Fadaak, head of research at Albilad Investment Co., said by phone from Riyadh. “But we don’t expect an extended retreat as fundamentals remain strong in the Saudi market.”
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