The benchmark Tadawul All-Share Index (TASI) fell 0.4 percent to 6,683.81 points, declining for second day since Wednesday's 14-week peak.
The index rose 2.3 percent in April.
“We saw a resurgence in volumes that means the retail investors are heavy, so moves are more volatile,” said a Riyadh-based trader who spoke on condition of anonymity.
“I would expect that trend to continue.”
Analysts said the market must consolidate before it can move higher.
The petrochemicals index slipped 0.6 percent.
Heavyweights Saudi Basic Industries Corp.(SABIC) and Rabigh Refining and Petrochemical Co. declined 0.5 and 2.1 percent respectively.
Saudi Kayan Petrochemicals dipped 0.8 percent.
The value of Saudi traded shares reached SR4.65 billion on Sunday.
UAE bourses fell to a two-week low on Sunday. Dubai’s index retreated 0.4 percent to 1,628 points, its lowest close since April 14.
Dubai Investment, down 2.8 percent, fell for second session after going ex-dividend.
UAE bourses announced a delay on Thursday in implementing the new payment settlement system — Delivery Versus Payment (DvP), a pre-requisite for MSCI emerging market inclusion ahead of a review in June.
“They (UAE) weren’t serious contentions to be involved,” says Robert McKinnon, ASAS Capital chief investment officer.
“The anticipated impact on the market was exaggerated. I think it’s more than just a DvP issue.”
Abu Dhabi’s index dropped 0.2 percent to 2,691 points — a two-week low.
Dana Gas declined 1.5 percent and indebted-developer Aldar Properties dropped 0.7 percent.
Abu Dhabi Commercial Bank fell 2.1 percent, declining for a second session since Wednesday’s 30-month peak.
The lender’s shares had gained after its first-quarter profit more than doubled.
Egypt and Bahrain bourses were closed on Sunday for Labor Day.
