Saudi Arabia's stock benchmark Tadawul All Share Index plunged to six-week low at close 0.98 percent lower at 5,965.13 points, breaking below a psychologically important support level as declines on world markets weighed on local sentiment. It was the lowest close since Aug. 23, with 6,000 points seen as a key prop by many investors. All sectors declined. The insurance and petrochemical sectors were the most traded, falling 0.7 and 1.4 percent respectively. Saudi Basic Industries Corp. (SABIC) dropped 1.1 percent, National Industrialization shed 2.9 percent and Saudi Kayan Petrochemical slipped 0.3 percent. Some analysts predicted upbeat third-quarter earnings will boost the market in the short-term, with results season expected to start next week. "In the international markets, most of the negative news is already out," said Youssef Kassantini, a Saudi-based financial analyst. "Earnings will be strong, especially in the petrochemical, cement and agriculture sectors. That should by itself be enough to lift the market." Abu Dhabi's index tumbled to a 13-month low and Dubai's benchmark dropped as retail-driven stocks weighed.
