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Saudi opens lower in early trade

Riyadh, April 6, 2013

Saudi stocks opened lower in early trade on Saturday as the all-share index dropped 0.3 per cent to 7157.19 points.

Al Rajhi Bank, the kingdom's largest listed lender, dropped 0.38 percent. Saudi Basic Industries Corp (Sabic), the world's biggest petrochemical company by market value, was down 0.3 per cent.

The banking index was down 0.44 per cent, while the petrochemicals index dropped 0.31 per cent in the early trading.

Brent crude fell to an eight-month low in heavy trading on Friday, dropping below $104 a barrel and capping the biggest weekly fall since June as a weak US jobs report fed worries about the economy of the world's largest oil consumer.

The jobs report also pushed U.S. stocks to their worst week this year with further losses on Friday.-Reuters




Tags: Saudi | petrochemical | stocks |

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