Saturday, 19 May 2012

STOCKS NEWS MIDEAST-Saudi bourse hits 3-month low on oil, global fears - Yahoo! News UK

Saudi Arabian shares drop nearly 2 percent to a three-month low, weighed by declines in the heavyweight banking and petrochemical sectors, after a fall in oil prices and global stocks.
The all-share index closes 1.9 percent lower at 6,966 points, 8.6 percent higher than at the start of the year
but a 12 percent drop from a 44-month high hit on April 3. It is the index's lowest closing level since Feb. 20.
"What we're seeing is a reaction to the global market. All eyes on Monday will be watching how early trades deal with Greece and the euro zone crisis," says Hisham Tuffaha, asset manager at Bakheet Investment Group.

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