Tadawul Falls on Sabic, Al Rajhi Losses

08/03/2009 00:00 AST

Saudi Arabian shares declined, led by Saudi Basic Industries Corp., the world’s biggest chemicals maker by market value, and Al Rajhi Bank.

The Tadawul All Share Index fell 0.7 per cent to 4,316.91 in Riyadh, increasing this year’s drop to about 10 per cent. The measure lost more than half its value last year as oil prices dropped.

Saudi Basic Industries, or SABIC, fell 3 per cent to 35.8 riyals, the lowest close in more than five years. Al Rajhi Bank, the country’s largest bank by market value, fell 1.1 per cent to 45.1 riyals, the lowest in more than four years.

Saudi Arabia’s largest publicly traded companies, including Saudi Telecom, have suffered in the last six months as the global financial crisis ushered in the first simultaneous recession for six decades in the US, Japan and Germany.

Yanbu Cement Co. dropped 10 percent to 43.4 riyals while Saudi British Bank, 40 percent owned by HSBC Holdings Plc, dropped 1.8 per cent to 56 riyals.


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