Saudi shares closed lower for the second day in a row Saturday on petrochemical losses despite rising oil prices. Brent crude futures closed at $123.43 a barrel Thursday before holidays began in major markets. The stock benchmark Tadawul All Share Index fell 0.42 percent lower at 7862.51 points and the petrochemical index closed 1.2 percent down at 7353.03 points. “The index had run up quite a bit and we are seeing some profit-taking,” said Asim Bukhtiar, an equity analyst at Riyad Capital. “The run-up was partly in anticipation of quarterly numbers, Almarai's were a little disappointing.” “The unemployment numbers (in the US) have fuelled fears of an economic slowdown, and that the global economic recovery is not as anticipated,” Bukhtiar added. Sabic fell the most since March 28 to SR108. Petrochemical giant Saudi Basic Industries Corp. (Sabic) slipped 0.9 percent. Meanwhile, the banking index added 0.5 percent to 17,890.4 points. Bank Albilad ends 9.9 percent higher and Alinma Bank added 3.2 percent. Almarai shares close down 4.5 percent after it said its first quarter net profit rose by 2.9 percent compared with the same period last year. Earlier in the day, the stocks edge down with agriculture and food shares slipping after Almarai Trading Company announced only a slight increase in first quarter net profit. Emerging-market stocks fell last week after sluggish demand at Spain's debt sale and slowing German factory output fueled concern Europe's debt crisis is spreading. European Central Bank President Mario Draghi said the region's economic outlook is “subject to downside risks.” Employers in the US added fewer jobs than forecast in March, underscoring Federal Reserve Chairman Ben S. Bernanke's concern that recent gains may not be sustained without a pickup in growth.
