RIYADH: Saudi stocks started and ended sharply lower on Sunday, in response to the Saudi Central Bank raising interest rates in line with Fed's steep rate hike and forecast for further hikes to curb inflation.
The Tadawul All Share Index lost 2.61 percent to end the session at 11,161, while the parallel market slid 1.92 percent to finish at 19,875.
Kuwait’s index declined 2.5 percent, followed by Qatar's index declining 1.5 percent for a second session.
The index in Bahrain traded down 1.4 percent, while both Egypt’s blue-chip index and Oman index tumbled 0.3 percent.
Oil prices fell below $85 for the first time since January, Brent crude traded at $84.94 a barrel and WTI crude reached $77.70 a barrel, as of 9:20 a.m. Saudi time.
Stock News
Nadec has signed a non-binding memorandum of understanding with the Leha Agricultural Co. to produce potato seeds in the Kingdom.
Sure Global Technology Co. set its price guidance for a direct listing on Saudi Arabia’s parallel stock market at SR70 ($19) per share.
Retal Urban Development Co. sold its share in a land located in Al Khobar city for SR67.44 million to Maali Holding Co.
