Saudi shares closed lower on Saturday, dragged down by petrochemicals, banks and telecommunications stocks. One reason was the weakness of global markets on Friday, when they were hit by anxiety about Spain's debt crisis.
Another reason was Zain Saudi, which plunged 6.1 percent to 10.75 riyals after it announced earlier on Saturday
that it had extended, for a second time, the maturity date of a 9.75 billion riyal ($2.6 billion) loan.
The firm said it had paid back 750 million riyals on Aug. 27 and was finalising a long-term finance agreement to replace the current loan. But Zain Saudi has been posting losses and the delay in resolving the debt challenge may have disappointed some investors.
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