The stock market turnover exceeded SR4.71 billion Saturday.

The banks and financial services index was up slightly at 14,255.38, while the agriculture and food sector index surged 1.77 percent to 5,011.83. The building and construction sector added 1.38 percent to 3,002.81, while multi-investment index increased by 2.61 percent to 2,255.95.

The petrochemical index slipped 0.15 percent to 6,144.81. Saudi Basic Industries Corp. (SABIC) shares fell 0.81 percent to SR91.75 and Saudi Arabia Fertilizers Co. (SAFCO) by 0.14 percent to SR181.75.

Meanwhile, according to Tadawul's statistical report for the first nine months of this year, released on its website on Saturday, the TASI closed at 6,112.37 points, down 280.02 points (4.38 percent) over the close of the same period of the previous year.

On an YTD basis TASI declined by 7.68 percent or 508.38 points. Highest close level for the index during the period was at 6,788.42 points on Jan. 16, 2011.

Commenting of the Tadawul's latest report, Paul Gamble, head of research at Jadwa Investment, said: "The TASI's decline so far this year is due to external factors. The market slumped in the first quarter of the year due to the political unrest elsewhere in the region. It had recovered most of these losses by the middle of the year before being buffeted by the deterioration in the global economy and heightened uncertainty about debt problems in the euro zone."

He said these factors have hit markets across the world. All regional markets were down over the first nine months of the year and even though the TASI was one of the better performers, its moves have not reflected generally good company results and strong economic fundamentals.

"Although the market looks attractively valued, its performance will remain vulnerable to moves on global markets," Gamble said.

The Tadawul report said total equity market capitalization at the end of the first nine months reached SR1.21 trillion ($323.79 billion), decreasing by 3.77 percent over the end of the same period of the last year.

The total value of shares traded reached SR776.36 billion ($207.03 billion), increasing by 31.88 percent over the same period of the previous year.

The report said the total number of shares traded increased by 34.32 percent to 34.94 billion shares for the first nine months compared to 26.01 billion shares traded during the same period of the previous year.

The total number of transactions executed during the first nine months of 2011 surged 12.37 percent to 17.59 million compared to 15.65 million trades during the same period of 2010.

Jarmo T. Kotilaine, chief economist at the National Commercial Bank (NCB), said: "The performance of Tadawul highlights the 'Saudi Arabian paradox', the reality that good domestic economic prospects and strong earnings growth have not been sufficient to sustain a positive momentum. The main challenge, of course, is - and is likely to remain - the extremely uncertain and volatile global economic backdrop. Especially in a market driven by retail investors, the steady flow of bad international news has significantly soured the mood."

He said even though efforts are under way to contain the European crisis, it is generally accepted that the structural problems in Europe and the US defy near-term solutions. This backdrop of economic weakness and uncertainty will likely make for a volatile market environment and there is little prospect of a sustained near-term improvement in market fundamentals.

"The oil market is a particular complication. Market tightness aside, worries about demand erosion are likely to test the market mood," Kotilaine added.