Saudi Shares Drop Most in 8 Months on Global Growth Concern, Oil

15/04/2012 21:43 AST

Saudi Arabia (SABIC)’s shares slumped the most in almost eight months on investor concern that oil prices may retreat amid signs the global economic recovery is slowing and after first-quarter company earnings missed estimates.

Saudi Kayan Petrochemical Co. (KAYAN), the company 35 percent-owned by Saudi Basic Industries Corp., lost 6.5 percent after its first-quarter loss widened. Saudi Arabian Fertilizer Co. (SAFCO), the company known as Safco also part-owned by Saudi Basic, tumbled to the lowest since February after profit missed analysts’ expectations. Saudi Arabia’s Tadawul All Share Index (SASEIDX) fell 2.3 percent, the most since Aug. 20, to 7,348.33, at the 3:30 p.m. close in Riyadh.

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