KSA stocks drop 0.6%

JEDDAH: Saudi Arabia’s main stock index pulled back 0.6 percent after hitting a fresh six-year high in the previous session.
Tadawul All Share Index (TASI) edged down to 11,048 points on Tuesday. Banks dragged down the key index after the kingdom’s central bank tightened consumer lending regulations
The banking sector benchmark fell 1.3 percent after the central bank said it might cap lenders’ retail exposure and would limit fees related to consumer finance.
Al-Rajhi Bank, the biggest player in the consumer lending segment, was the largest drag on the main index, sliding 0.9 percent.
Other leading retail banks also suffered: Samba Financial Group fell 2.2 percent and Saudi British Bank was down 2.3 percent.
The petrochemical sector edged down 0.4 percent.
Dubai’s bourse also pulled back after strong gains, slipping 0.5 percent. Shares in Emaar Properties dropped 3.0 percent.
The stock had surged 13.7 percent in the previous two sessions after the company said it would float its malls and retail unit in September.
Dubai Islamic Bank, on the other hand, added 0.5 percent after the lender ruled out seeking a controlling stake in Indonesia’s Bank Panin Syariah.