Saudi stocks sink to 3-week low

The index of the largest Arab stock market fell 1.3 per cent to its lowest close since April 16

Saudi Arabia's bourse ended at a three-week low as petrochemical and banking shares weighed following a drop in oil prices and global stocks.

The index of the largest Arab stock market fell 1.3 per cent to its lowest close since April 16. The petrochemical sector benchmark dropped 1.5pc and the banking index declined 1.4pc.

Heavyweights Saudi Basic Industries Corp (Sabic) and Al Rajhi Bank were down 1.7pc and 1.3pc respectively. Global stocks swooned and crude oil tumbled on Friday after a weak US jobs report and data that suggested a deeper recession across the euro zone than previously thought dented sentiment.

Earlier in the day, the index was down 1.6pc, as the petrochemical sector benchmark dropped 2pc and the banking index lost 1.5pc. Heavyweights Sabic and Al Rajhi Bank were down 1.9pc and 1.3pc respectively.