Saudi Arabian shares fell the most in two weeks yesterday, led by Saudi Basic Industries Corp, as oil prices dropped to a seven-week low and European stocks fell for a fourth consecutive week.
The Tadawul All Share Index fell 1.05% to 6,215.71.
Sabic fell 2.3% to 85.5 riyals, the biggest decline since November 3.
Herfy Food Services Co, the kingdom’s largest fast-food chain, which started trading February 2, dropped 2.6% to 56.5 riyals.
Crude oil fell to a seven-week low on Friday, as the dollar surged on speculation European efforts to cut deficits will curb growth, prompting investors to sell commodities.
European stocks declined for a fourth week, the longest losing streak since July, on concern efforts by Greece, Portugal and Spain to reduce their deficits will hurt the region’s economic recovery.
“The Saudi market finds it hard to decouple from the downward pressures of other global equities over the past few days,” John Sfakianakis, Riyadh-based chief economist at Banque Saudi Fransi said by e-mail yesterday. “Oil also witnessed a sharp fall, which adds to uncertainty.”
Saudi Arabia’s index is the only Arab Gulf index tracked by Bloomberg that trades on Saturday.
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