By Mohammed Abu Meleeh
Riyadh-Mubasher: Saudi Arabia’s stock market closed Monday with a slight decline, pressured by heavyweight sectors -- petrochemical industry and banking.
The benchmark extended its fall for the second straight day, losing 0.01% or 0.96 point to 6,930.
The bourse was impacted by negative news about oil prices and global economic position.
Brent declined to its lowest since 2004 on concerns about oversupply, with output remaining near its record high.
Brent futures dropped by nearly 2% to $36.17 a barrel, and West Texas intermediate crude futures fell 33 cents to $34.40 a barrel.
Wrapping up sectors, 12 moved lower, led by hotels and industrial investment which slid 1.54% and 1.47%, respectively. Meanwhile, three sectors moved higher; media (3.05%), petrochemical industry (0.66%) and banking (0.56%).
Saudis are awaiting the government to announce the budget over the next few days amid forecasts of recording deficit for the second straight year.
Some expert estimated the deficit at hundred billions of riyals.
Turnover reached SAR 5.2 billion, after 238 million shares were exchanged in 123,000 trades.
Gainers outperformed losers 111 to 50. Shams led the way in gains, rocketing 9.91%. Meanwhile, Research and Marketing was the major disappointment, falling 4.99%.
Al-Rajhi and SABIC declined 0.85% and 1.89% in a row. NCB slid 1.56%, Savola (0.52%) and Jabal Omar (0.46%).
Translated by Abdul Maguid Aboshahla
