File - Investors monitor screens displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014. REUTERS/Stringer
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The main Saudi stock index fell 1.0 percent as petrochemicals major Saudi Basic Industries dropped 2 percent.Banks also pulled back and the sector's index fell 1.3 percent – although Saudi banks and other companies are not dependent on overseas borrowing, so they are unlikely to face higher funding costs even if the kingdom's debt rating is eventually reduced.Property developer Dar Al Arkan dropped 3.4 percent after S&P Monday affirmed the company's corporate credit rating at B+ but revised the rating outlook to negative from stable.Ahli Bank tumbled 4.4 percent and Bank Muscat, the sultanate's top lender, fell 1.9 percent; Oman's index slid 0.9 percent.BBK, formerly known as Bank of Bahrain and Kuwait, jumped 2.1 percent after posting an 11.2 percent increase in 2014 net profit.
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