The declining of Saudi Arabia's stock market after statements about raising the domestic energy prices

Saudi Arabia's stock market has declined today (Tuesday) , after the Saudi oil minister (Aly Al Naiemy) said that the government is considering raising the domestic energy prices, which will negatively affect the consumer spending and the companies profits at least initially.

The main indicator of the Saudi bourse fell to 7098 points, with 3%, nearer to the level of technical support at it's lows to 6921 points in August. The indicator of the Petro - chemicals sector fell to 3.4% with the falling of "Sabek" share to 2.1%.

The shares of "Maaden" also fell to 5.3% and Al-Ragehy Bank fell to 2.8% and the Knowledge Economic City , which is developing industrial zones also fell to 10%. Most of the other Gulf markets has declined too, due to the falling of the oil prices and the world shares.

The indicator of Dubai market fell only 1 % to be 3518 points to have the level of technical support of about 3500 points , and it's the same level which it recovered from three times in September.