RIYADH, 4 July 2005 — Saudi stocks were down nearly 3 percent in late trading yesterday as investors held back from buying ahead of second-quarter corporate results, traders said. At 1400 GMT, the official share index of the largest Arab bourse was down 2.88 percent at 12,905 points. “Volume is down SR5 billion, which is pretty pathetic,” a trader with a leading Saudi bank said. “The problem is not that people are selling, it’s that no one is buying. People do not have the confidence to buy at these levels until the second quarter results are out.” Shares in Saudi Electricity Co. (SEC) fell 2.45 percent to SR119.50 ($31.87). Qassim Agriculture Co. dropped 6.52 percent to SR164.75.