TASI falls below 11,200-mark first time in over a month
Saudi Arabia’s main index extended its Monday’s losses on Tuesday when it dropped below the 11,200 level for the first time in over a month, with falling oil prices putting a damper on the market.
The Tadawul All Share Index declined 0.9 percent to end at 11,096, while the parallel market Nomu dropped 2 percent to finish at 18,622.
In energy trading, Brent crude reached $92.58 per barrel, and US benchmark WTI traded at $85.22 per barrel as of 3:04 p.m. Saudi time.
Shares of Saudi oil giant Aramco declined by 1.78 percent at the end of Tuesday’s session.
The oil giant has earlier posted a 39 percent surge in the third quarter of 2022, surpassing the average of analysts’ forecasts.
Profits at Aramco hit SR159 billion ($42 billion) after revenue soared 51 percent to SR544 billion.
Saudi stock market operator Tadawul Group gained 1.69 percent at the end of Tuesday, rebounding from its losses on Monday.
Saudi National Bank, the Kingdom’s largest lender, slipped 2.01 percent, while Saudi Arabia’s most valuable bank, Al Rajhi, added 0.48 percent.
Middle East Paper Co. ended the session flat, with the appointment of Musaab Al-Muhaidib as chairman of the board and Abdullah Al-Moammar as vice chairman.
Al Hassan Ghazi Ibrahim Shaker Co. increased 9.93 percent, topping the gainers, on news that it withdrew its capital hike recommendation following the improvement of its financial condition.
Development Works Food Co. ranked second in the gainers list, gaining 6.84 percent, closely followed by Tourism Enterprise Co. which grew 6.58 percent.
Al-Jouf Agricultural Development Co. rose 1 percent, after securing SR40 million in Shariahcompliant credit facilities from Banque Saudi Fransi.