The Saudi stock benchmark Tadawul All Share Index fell by 0.96 percent to close at 7,277.89 points, its lowest close since Feb. 29, as investors continued to book gains for the first quarter profits. However, bargain hunters lift some banks shares, helping stem the bourse's decline. Bellwether Saudi Basic Industries Corp. (Sabic) slipped by 1.3 percent, Nama Chemicals and Saudi Arabian Fertilizers shed 1.4 percent, Saudi Kayan Petrochemical fell by 1.4 percent. “Today loss was expected, as investors booked gains for first quarter, but the market will resume its rally in less than two sessions, in my point of view,” Ahmed Al-Hassan, an analyst in a brokerage firm, said, adding that market investors, who booked gains in small caps, will stop selling, and start to buy in coming sessions, which will take market up. “Saudi banks are very liquid in terms of deposit rations and the government is on a full expansion mode and it will sustain the sector, ” a porfolio manager said. Riyad Bank rose 0.2 percent, BSF climbed 0.8 percent, while Samba Financial Group gained 2.4 percent.
