Saudi Stocks End Lower, Limit Losses

Saudi shares on Saturday ended lower, 0.33 per cent down at 6919.06 points, paring losses from the early trade.

The petrochemical index dropped 0.73 per cent at 5874.42 points, dragged lower by heavyweight Saudi Basic Industries Corp (Sabic) which slides 0.82 per cent.

The banking index closed 0.45 per cent at 15272.18 points.

Crude oil futures advanced on Friday, boosted by a rise in US consumer sentiment to a five-year high and upbeat readings on the Chinese economy, while gasoline futures surged even more on speculation over delivery problems and tight supplies in storm-hit New York Harbour.

Speculation about possible delays in delivering gasoline against the expired November RBOB contract overshadowed broader economic issues, such as concerns over Europe’s debt woes and the “fiscal cliff” facing the US.

Earlier in the day, shares opened lower dragged down by losses in the petrochemical and banking stocks.

Reuters