JEDDAH — Saudi Arabian shares dropped Saturday nearly 2 percent to a three-month low, weighed by declines in the heavyweight banking and petrochemical sectors, after a fall in oil prices and global stocks.

The stock benchmark Tadawul All Share Index closed 1.88 percent lower at 6,966.37 points, 8.6 percent higher than at the start of the year but a 12 percent drop from a 44-month high hit on April 3. It is the index’s lowest closing level since February 20.

“What we’re seeing is a reaction to the global market. All eyes on Monday will be watching how early trades deal with Greece and the euro zone crisis,” said Hisham Tuffaha, asset manager at Bakheet Investment Group.

Share movements are also heavily influenced by crude prices, which dropped to a 2012 low Friday as Europe’s economic woes threatened to undercut demand. – SG