Saudi market falls on oil price decline

29 June 2010

The Riyadh-located Tadawul market plummeted 2.65%, closing at 6,135.86 points as oil prices were hit by worrying data from East Asia and by comments made by the Bank of International Settlements (BIS) about an alleged weak status quo of the global financial sector. Consequently market leader and petrochemical giant Saudi Basic Industries Corporation (Sabic, off 3.87% at SR87) and a number of banks posted heavy losses. But there were also gainers in Riyadh: Amana Cooperative Insurance Co. and Gulf General Cooperative Insurance Company which both added two percent and closed at SR15.00 and SR30.90, respectively, were the top gainers.

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