Saudi stock market turned bearish Tuesday as most shares were down on pressure from global markets. The Saudi stock benchmark Tadawul All Share Index slipped 0.44 percent, snapping a two-day rally, to close at 6,443.16 points. Kingdom Holding Company jumped 2.5 percent an affiliate signed a $1.2 billion deal to build the world's tallest tower in Jeddah. World stocks also hit a one-month low Tuesday as investor focus shifted back to weak global growth prospects and the euro zone debt crisis after a US budget deal that will lead to spending cuts of over $2 trillion. "We believe as the global picture eases, the names which did well in 2Q 11 results will benefit... names in petrochemicals, retail and telecoms," said Farouk Miah, equity research analyst at Jeddah-based NCB Capital. Saudi Basic Industries Corp (SABIC) dropped 1.2 percent and Yanbu National Petrochemical Co (Yansab) shed 1.5 percent. UAE markets extended gains for a second day. Dubai's index climbed 0.7 percent, touching a two-week high. Etisalat helped lift Abu Dhabi's index 0.3 percent. In Kuwait, the index gained 0.6 percent. Egypt's bourse fell to a 12-week low as jittery investors sold shares.
