Saudi stocks take a dive
Saudi Arabian shares dropped nearly 2 per cent to a three-month low, weighed by declines in the heavyweight banking and petrochemical sectors, after a fall in oil prices and global stocks.
The all-share index closed 1.9pc lower at 6,966 points, 8.6pc higher than at the start of the year but a 12pc drop from a 44-month high hit on April 3. It is the index's lowest closing level since February 20.
"What we're seeing is a reaction to the global market. All eyes on Monday will be watching how early trades deal with Greece and the eurozone crisis," remarked Hisham Tuffaha, asset manager at Bakheet Investment Group.
World stocks suffered on Friday as investors fled risky investments for safe-haven assets amid growing concerns over the debt crisis afflicting Greece and other eurozone economies. Share movements in the world's top oil exporter were also heavily influenced by crude prices, which dropped to a 2012 low on Friday as Europe's economic woes threatened to undercut demand.
The banks and financial services index dropped 2.1pc and the petrochemical index fell 2pc.
- Is Islamic finance the sustainable banking model the banking world has been looking for?
- Less is more? In ironic twist, UAE's low income earners found to be saving more
- Egypt has a secret 'Swiss' bank, except everyone knows about it
- Why is Jordan's inflation so high? These reasons may surprise you....
- The Middle East's lack of savings: a ticking time bomb?