Saudi shares slump to two-week low
Saudi Arabia’s shares slumped to a two-week low, wiping out early session gains as a drop in global stock markets weigh on local sentiment.
The stock benchmark fell 0.22 percent to 6,567.14 points, its lowest close since June 28.
World shares hit one-week low Monday as intensifying concerns that Italy could be the next victim of the euro zone debt crisis prompted an emergency meeting of top European officials.
“You have fears from global markets, you have the seasonal effect of low volumes and Ramadan is coming up, which is a major factor because people are just waiting for the results to come out before they pack up,” said a Riyadh-based fund manager who asked not to be identified.
Petrochemical producer Yansab bucks the trend and gains 2.6 percent after it reported a quarterly profit of SR963 million ($257 million), up from SR502 million a year earlier due to higher product prices and sales.
The petrochemical and banking index slipped 0.09 and 0.22 percent respectively.