The Saudi stock index opened lower on Saturday, mainly weighed by petrochemicals which dropped following record falls in oil prices.

Heavyweights Saudi Basic Industries Corporation (Sabic) lost 1.8 per cent, while the petrochemicals index traded 1.9 per cent lower. The bourse index was down 1.1 per cent at 6,607 points.

Oil fell on Friday to cap a frenzied trading week that sliced prices by a record of more than $16 a barrel on demand worries and a move by investors to slash commodities exposures.

The banking sector index too was down 0.5 per cent in early trading, with Al-Rajhi Bank slipping 0.7.-Reuters