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FINANCIAL NEWS
Saudi stocks fall 1.6% to 4-month low
07 Aug 2015
(MENAFN) Most Gulf stock markets fell on Thursday as Brent oil dipped below USD50 per barrel again, and Saudi Arabia led losses after a bomb attack in the southwest of the country.
The main Saudi Tadawul All-Share Index was down about 1 percent before news of the attack and then slid further, closing 1.6 percent down at a four-month low of 8,655 points. Petrochemical producer Saudi Basic Industries, down 2.3 percent, was the main drag on the benchmark.
Banking and consumer blue chips were also soft. National Commercial Bank fell 0.9 percent and food maker Savola Group dropped 2.3 percent.
The stock has now plunged 14.5 percent since the firm revised earnings for more than two years and posted a second-quarter loss last week.
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