Mideast Stocks: Petrochemicals drag Saudi shares down; major Gulf markets slide | ZAWYA MENA Edition:
Saudi Arabia's stock market fell sharply on Monday, bogged down by petrochemical shares, while all major Gulf markets slipped, mostly weighed down by financial stocks.
Saudi Arabia's index fell 1.3 percent, in part due to a 7.3 percent plunge in petrochemical firm Saudi Kayan in heavy volume, despite posting a narrowed fourth-quarter net loss after zakat and tax of 110.9 million riyals ($29.57 million) from 220.3 million riyals a year ago.
Saudi's largest petrochemical maker Saudi Basic Industries dropped 1.8 percent and Al Rajhi Bank fell 0.6 percent.
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