Saudi Stocks Lead Mideast Declines as Easter Weighs on Trading
- Dubai's benchmark stock index declines for a fifth day
- Index that tracks 200 of GCC's biggest companies retreats 1.2%
Saudi stocks led Middle Eastern markets lower as oil languished near $40 a barrel and the Easter weekend holiday in Europe sapped volumes. Equities in Dubai extended the longest losing streak in more than two months.
The Tadawul All Share Index sank for a fourth day, losing 1.5 percent to 6,256.68 at the close in Riyadh. About 4.8 billion riyals ($1.3 billion) of shares traded, or 17 percent less than the market’s daily average over the past year. Jabal Omar Development Co.’s 9.3 percent plunge was the biggest contributor to declines. The DFM General Index lost 1.2 percent on less than half the average daily turnover value over the past year. The Bloomberg GCC 200 Index, which tracks the biggest companies in the six-nation Gulf Cooperation Council, slid 1.2 percent.