RIYADH: Saudi Arabia’s main index slipped for the third straight session on Monday following the reigning global sentiment amid the likelihood of a hawkish US monetary policy.
For the first time since Sept. 27, the Tadawul All Share Index fell below the psychological mark of 11,000, shedding 1,100 points in a month.
TASI fell 122 points to close at 10,930, even as the parallel market Nomu edged up 73 points to finish at 19,049.
Of the 218 companies listed on TASI, 35 advanced, while 174 declined. The total trading turnover was SR3.97 billion ($1.06 billion).
The market also took its cues from the southbound crude oil prices on Monday as supply fears receded while concerns over China’s fuel demand and rising interest rates pushed the prices down.
Both benchmarks closed Friday at their lowest since Sept. 27, extending losses for a second week, with Brent down 9 percent and US West Texas Intermediate 10 percent lower.
Saudi Arabian Oil Co. fell 55 points to SR33.10 per share, following the Saudi Energy Index, which declined by 93 points to close at 5,587.
The indices that stayed afloat on Monday included software and services, healthcare equipment, telecommunication and consumer services.
In the real estate sector, however, Sumou Real Estate Co. bucked the trend in Nomu, rising 5 percent to close at SR56.80. The company on Monday signed an agreement with National Housing Co. to develop villas on 88,596 square meters of land in Makkah. The project will be financed partially on equity and off-plan sales.
Tourism Enterprise Co. was the topmost gainer on TASI. It increased by 2.18 points to close at SR24.12. The other gainers included Al-Baha Investment and Development Co., Arabian Drilling Co., Dr. Sulaiman Al Habib Medical Services Group and Astra Industrial Group.
Meanwhile, Riyadh Cables Group, a regional pioneer in the wire and cable industry, on Monday also issued 3.3million shares on Saudi Stock Exchange at an offer price of SR43. The issue closes on Tuesday.
The company is one of the largest cable manufacturers in the Middle East and North Africa and operates 15 manufacturing facilities. Its production infrastructure is integrated across value chains, with six factories manufacturing raw materials for the cabling industry.
The top losers of the day on Nomu were National Environmental Recycling Co., International Human Resources Co., Knowledge Tower Trading Co., Academy of Learning Co. and Group Five Pipe Saudi Co.
