Saudi shares retreat for second consecutive day

Shares in Saudi Arabia declined for a second day yesterday before the start of the earnings season later this month. The country's benchmark stock index, the Tadawul All Share Index, lost 0.1 per cent to 6,408.89 at 1:15pm in Riyadh. The measure declined 3.1 per cent in 2011, it's first drop since 2008. Banque Saudi Fransi, part-owned by Credit Agricole SA, retreated 0.7 per cent, while Saudi Kayan Petrochemical Co. rose 0.3 per cent. "The Tadawul is expected to trade in a tight range over the next two days with no clear lead locally," said equity analyst Samer Darwish.