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Saudi Stock Exchange declines in lockstep with GCC peers

Like the market indices in Dubai, Abu Dhabi and Doha, the Riyadh-based Tadawul All-Share Index fell to a 2-month low on Wednesday, approaching the lower Bollinger band. Signals sent from U. S. congress leaders of Democrats and the GOP that America's lower house might give a nod to Barack Hussein Obama's plans to launch a bombing campaign against the Syrians rose tensions at capital markets worldwide. Earlier in the day, Russian president Vladimir Putin sent a staunch warning to Washington, saying Moscow would oppose a U. S. attack without green light from the United Nations (UN) Securities Council. UN general secretary Ban Ki-moon also said he was opposing a new war in the Middle East. However, gold prices declined below $1,400 per ounce, indicating a de-escalating mood. In Riyadh, Arabian Shield Cooperative Insurance Company lost the most (off 6.42%), while Al Ahlia Insurance Company gained the most (up 7.43%). Sabic, the world's biggest producer of petrochemicals and - increasingly - metals, dipped 1.30% to SR95.25.