Saudi Arabia index dips down 1% after credit outlook cut

Saudi Arabia’s Tadawul All Share Index turned negative on Tuesday, shedding 90 points, or 1 percent after ​Standard & Poor’s lowered its outlook for the kingdomto negative from stable on the back of tumbling oil prices.

The index closed trading at 9,301 points, with the value of shares changing hands atSAR 10.3 billion.

Stocks mostly closed in the red. Saudi Basic Industries Corporation, one of the world's leading chemicals producers,​dropped 2 percent to SAR 95.57.

Al-Rajhi and National Commercial Bank fell over 1 percent. Dar Al-Arkan Real Estate Co. dived 4 percent to SAR 9.98 with a traded volume of almost 100 million shares.

Earlier this week, S&P downgraded Dar Al-Arkan to negative from stable, while maintaining its B+ credit rating.

Zain Saudi, Jabal Omar Development Co, and Yansab Petrochemical Company each slid more than 2 percent.

Middle East Specialized Cables (MESC) was the top drag for the second straight day, as it bottomed out at SAR 20.85. The stock was actively traded with a volume of 25 million shares.

On an up note, Mouwasat Medical Services closed 3 percent up at an all-time high of SAR 139.43, extending its positive run to the third day