All Gulf markets, except, Oman’s, declined on Tuesday, tracking declines in world markets and oil prices as fears mounted over the pace of a global economic recovery.
Saudi Arabia’s index fell for the first day in three after Saudi Basic Industries Corp (Sabic) dropped 2.2 percent in its biggest one-day loss for nine weeks as sliding oil prices spurred investors to sell petrochemical stocks.
Saudi stock benchmark Tadawul All Share Index (TASI) fell 0.94 percent to 6,256.16 points.
“Saudi investors are worried international markets will correct, especially after Obama’s bank plan - this will create volatility and could change the direction of global markets,” said Youssef Kassantini, head of discretionary portfolio management at Rasmala Investment Saudi.
Dubai’s index fell 3.6 percent to its lowest level at 1,556 points since Dec. 9.
Abu Dhabi benchmark dropped 0.4 percent to 2,599 points.
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