Stock market in Saudi Arabia and Dubai down back after oil prices down also and Abu Dhabi and Egypt was buy banking shares, Brent crude settled at $36.88 a barrel on Friday after hitting a session low of $36.41, just 21 cents above a 2004 bottom. Meanwhile, global bourses sank on economic growth worries, with the Dow closing over 2 percent lower.
Saudi Basic Industries, the bourse’s largest company by market value, declined 2.5 percent. Bank sector heavyweight Al Rajhi slumped 3.7 percent, Dubai’s index, which had jumped 2.9 percent on Thursday, fell back 1.5 percent in thin trade on Sunday.
In response, the Saudi benchmark retreated 1.6 percent to 6,931 points, erasing most of Thursday’s 2.6 percent jump. Sellers dumped blue chips in the first hour and mostly sat out the rest of the session, waiting for the announcement of the kingdom’s 2016 state budget, which is expected in the coming week and may include major spending cuts.