Saudi Arabia's shares slipped to a four-week low, taking cues from declining oil prices and global markets. The Saudi stock benchmark Tadawul All Share Index ended 0.56 percent lower at 6,423.29 points, its lowest close since June 20. Growing concern about the US and European economies weighed on oil Monday as prices fell nearly 2 percent. Benchmark West Texas Intermediate crude for August delivery gave up $1.31 to settle at $95.93 per barrel on the New York Mercantile Exchange. In London, Brent crude lost $1.21 to settle at $116.05 per barrel on the ICE Futures exchange. The euro, stocks, and bonds of highly indebted European countries fell on Monday as investors fled riskier assets, while safe-haven gold rose to a fresh high. “Today's sell off is a continuation of yesterday's reaction to euro debt and events unfolding in the US,” said Asim Bukhtiar, Riyad Capital head of research. “Also, we're nearing the end of earnings season and investors are locking in gains ahead of Ramadan. Market activity is going to slow down significantly.” Eight of the 10 largest stocks fell. Saudi Arabian Mining Co (Ma'aden) bucked the trend, gaining 0.7 percent after saying its profits doubled in the second quarter, buoyed in part by higher gold prices. Bellwether Saudi Basic Industries Corp. (SABIC) slipped 0.5 percent. Other petrochemicals also ended lower. Bank Aljazira dropped 6.6 percent despite its second-quarter profit nearly tripling on higher special commission and banking services income as well as decreasing expenses. The stock had gained 5.3 percent over the previous month, but Monday's fall left it at a four-month low. Abu Dhabi's benchmark fell 0.9 percent to 2,707 points, halting three-session gains. Dubai's benchmark slipped 0.8 percent to 1,533 points, down in five of past six sessions. Losers outnumbered gainers 17 to one. Qatar's benchmark dropped 0.5 percent to end at 8,441 points.
