Saudi's Tadawul market witnessed a sharp decline in the last 30 minutes of trading yesterday for the third consecutive week, amid expectations that the index will decline below 8200 points.
The market fell by 3.3%.
All 15 listed sectors saw a general decline, with115 companies registering losses.
Only four shares rose; including Sabtco by 2%, and Malath, Saudi Indian Co and Abdul Latif by less than 1%.
Leading shares from petrochemicals and banks breached their support level, including Sabic which fell below SR120, at SR119.75.
Analysts believe that lack of investor confidence and the decision for traders who own 5% and above to reveal their stake have put huge pressure on the market.
The market witnessed low trading values of SR3.5bn with Sabic down by 2.8%, Al Mutaqademeh by 5.4%, SAFCO by 5.2%, Petrorabigh by 4.7%, while Samba declined by 3% and Saudi French by 4.6%.
The three telecom firms fell by 4.3% for Mobily, 3.5% for STC and 1% for Zain.