Saudi Arabian shares dropped to the lowest level since March after US economic growth missed economists' forecasts and Moody's Investors Service said it may cut Spain's credit rating.
Saudi Basic Industries Corp, the world's biggest petrochemicals maker, reached its lowest price in almost five weeks. Etihad Etisalat and Al Rajhi Bank, the kingdom's largest publicly traded lender by market value, declined.
The Tadawul All Share Index slid 1.4 per cent to 6,355.72, the lowest level since March 22, at the 3.30pm close in Riyadh. .
"The market is reacting to bad international news, including below-expectation US economic growth and the debt re-rating of some European countries," said Akef Al Tanbouz, head of asset management at The Investor Securities.
From/ Gulf News