"The Saudi market may be more sensitive to global growth concerns because of the importance of petrochemicals, a major cyclically sensitive sector which is, moreover, affected by oil demand concerns, a potential consequence of renewed global economic uncertainty," Jarmo T. Kotilaine, chief economist at the Jeddah-based National Commercial Bank, said."It is clear that the regional bourses in general are under pressure due to the global uncertainties and general market nervousness," he said."There are instances where good news about individual blue chip companies can help certain exchanges but the general momentum is on the downside, especially to the extent that there is concern about the oil price," Kotilaine said.He said the US debt deal has predictably failed to impress and there are renewed fears about the European bond markets.This is what has once again pushed up gold toward new highs, Kotilaine explained.His remarks came as Saudi Arabian stock market was down on pressure from global markets on Tuesday. The Tadawul All-Share Index (TASI) slipped 0.44 percent, snapping a two-day rally to close at 6,443.16 points.The other Gulf markets were mixed in lukewarm sentiment after a US debt deal.Gold prices hit a record high and global stocks turned negative for the year on Tuesday as investors focused on slowing global economic growth and the euro zone's spreading credit problems.Spot gold was at $1,642.19 an ounce, having touched an all-time high of $1,643.79 earlier in the day.Kingdom Holding Co. shares jumped after its associate firm signed a contract to build world's tallest tower in Jeddah. Kingdom Holding shares gained 1.91 percent to SR8.Saudi Basic Industries Corp. (SABIC) shares dropped 1.19 percent to SR104 and Yanbu National Petrochemical Co. (Yansab) shares declined 1.47 percent SR50.25.The performance of the Saudi stock market in July was in a negative territory. According to Tadawul's Monthly Statistical Report for July, at the end of July TASI closed at 6,392.13 points, lost 183.87 points or 2.80 percent over the close of the previous month.On an YTD basis TASI dropped by 3.45 percent or 228.62 points. Highest close level for the index during the month was 6,660.17 as on July 3.The report said total equity market capitalization at the end of July reached SR1.27 trillion ($339.64 billion), decreased by 2.59 percent over the close of the previous month.The total value of shares traded for the month of July reached SR66.58 billion ($17.75 billion), down by 21.19 percent over the previous month.The total number of shares traded reached 2.58 billion during the month of July compared to 3.82 billion shares traded in June, decreasing by 32.39 percent.The total number of transactions executed in July dropped by 21.91 percent to reach at 1.59 million compared to 2.04 million for the month of June.UAE markets extended gains for a second day after sentiment was lifted by a US deal to raise the debt ceiling, signaling a likelihood the country would avoid a default, Reuters reported.Dubai's index climbed 0.6 percent to 1,536 points, touching a two-week high.Bellwether Emaar Properties and Arabtec advanced 1.4 percent each.In Kuwait, the index gained 0.6 percent to 6,075 points but range-bound activity was expected to continue until the market sees a catalyst.Egypt's bourse fell to a 12-week low on Tuesday.The Omani index slipped 0.4 percent to 5,812 points.The Qatari benchmark climbed 0.2 percent to 8,429 points.The Bahraini index decreased 0.4 percent to 1,285 points.