JEDDAH: Banks and petrochemicals weighed on Saudi Arabia's index TASI, which eased from Sunday's four-month high amid an uncertain global backdrop and declining oil prices. The main benchmark ended 0.71 percent lower at 6,702.76 points, ending a four-session winning streak as eight of the 10 largest stocks by market value ended lower. The top two sectors declined, with the banking index down 0.9 percent and petrochemicals down 0.7 percent. Saudi Basic Industries Corp (SABIC) and Al Rajhi Bank fell 0.2 and 0.7 percent respectively. The dollar's sharp rise on more European debt problems, and indications of slowing growth in Asia, pushed crude oil prices down Monday though they remained above last week's lows. New York's main West Texas Intermediate crude for July delivery closed down $2.40 to $97.70 per barrel. In London, a barrel of Brent North Sea for July lost $2.29 to settle at $110.10. UAE and Qatar bourses slumped, taking their cue from weakness in global stocks as doubts about Europe's ability to manage its debt hammered developed markets. Dubai's index fell two percent to a seven-week low of 1,547 points. It was down 5.4 percent in May. Dubai's district cooling firm Tabreed plunged to a five-week low, slumping ten percent after a share dilution. It said Sunday it had issued 415.68 million shares to repay an Islamic bond. Most stocks ended lower, with Emaar Properties and Dubai Financial Market fell 3.2 and 4 percent respectively. Abu Dhabi's benchmark ended 0.6 percent down at 2,632 points, its lowest close since April 12 as six of the ten largest stocks decline. Qatar's index dipped 1.9 percent to 8,441 points, an eight-week low. All bar two stocks drop.
