The Tadawul All Share Index (TASI), however, gained 2.05 percent on weekly basis, closing at 6,867.97 after recording a 19-month high of 6,949.20 points.
"Saudi stocks suffered at the end of the week as a result of the plummeting global markets following negative news about Greece's rescue package," said Bishr Bakheet, chairman of the Bakheet Investment Group (BIG).
"The psychological linkage between world markets and the Saudi stock exchange is quit clear. However, the Saudi market is still fairing better than global markets, as the Saudi benchmark price gained 12 percent since the beginning of the year, compared with 3 percent in the Wall Street," he added.
European financial woes in Greece, combined with a decrease in crude oil prices may have contributed to the negative sentiment overlaying the market in the last two trading days, however overall, the market showed a significant improvement from last week's drop, the Financial Transaction House (FTH) said in its weekly market report.
On a week-to-week basis, sector activity was generally positive, with 5 sectors closing the week with a loss. These were the Real Estate Development, Hotel & Tourism, Building & Construction, Media & Publishing and the Insurance sector, which saw losses of -0.44 percent, -0.84 percent, -1.17 percent, -2.37 percent and -2.45 percent respectively. Sector gains on the other hand ranged from 1.37 percent in the Banks and Financial Services sector to a gain of 4.62 percent in the Retails sector, the FTH report said.
The value of Saudi traded shares dropped to SR22.11 billion last week compared to SR25.28 billion in the previous week.
Al-Ahsa Development Co. was the top gainer last week as its shares jumped 16.80 percent to SR14.25. Shares in Bupa Arabia for Cooperative Insurance plunged 18.71 percent to SR25.20.
Arab stock markets closed mixed last week as investors came under pressure from ambiguity surrounding a deal to bail out debt-ridden Greece, financial analysts said Friday.
Regional stock exchanges retreated across the board in week's last couple of days in response to plunges on the world's main stock markets after ratings agency Standard & Poor's downgraded Greece's sovereign debt to junk status and cut Portugal's long-term credit score.
Analysts expected Arab bourses to remain "psychologically connected" with global markets and indicators about the US and other major economies.
"I believe Arab markets will continue to suffer from fallout of the debt crises of Greece, Portugal and Spain and the consequent repercussions on global markets," Wajdi Makhamreh, CEO of the Amman-based Noor Investments brokerage said.
"Investors will also have to reckon with the first quarter results and the movement of oil prices which, to a certain extent, reflect the expectations of world economic recovery," he said.
Jordanian shares were volatile last week as the Amman Stock Exchange (ASE) was dominated by speculative trading, Makhamreh said.
The ASE all-share price index edged higher closing at 2,575 points, according to the market's weekly report.
Kuwait's KSE all-share index gained 0.6 percent last week, to close at 7,299 points, receiving support from the investment sector, analysts said.
United Arab Emirates shares were overshadowed last week by concerns over the Dubai World debt rescheduling.
The benchmarks of the Dubai and Abu Dhabi markets shed 0.9 percent and 1.4 percent to close respectively at 1,740 points and 2,777 points.
Egypt's AGX30 index, which measures the performance of the market's 30 most active stocks, fell 0.2 percent on weekly basis, closing at 7,452 points.
The GulfBase GCC Index edged higher by 0.56 percent to 4,050.60 points. The value of GCC traded shares fell 9.58 percent to $8.07 billion and volume increased by 2.90 percent to 3.44 billion of shares.