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  • Saudi stocks see biggest fall in over a year amid global COVID-19 worries

Saudi stocks see biggest fall in over a year amid global COVID-19 worries

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22 Nov 2021 01:11:32 GMT9
22 Nov 2021 01:11:32 GMT9
  • Banking shares drag Tadawul All Share Index down

Sara Alfaiz

RIYADH: Banking shares and global oil prices driven by resurgence in COVID-19 cases weighed heavily on the Saudi stock market posting it biggest one-day drop in more than a year on Sunday.

The Tadawul All Share Index declined 1.92 percent to close at 11,486 points. Some 161.5 million shares changed hands in 293,000 deals, with heavy trading in Al Rajhi bank, Alinma Bank and SABIC.

Al Rajhi shares pressured the market’s performance after it fell 2.2 percent, to continue its decline for the sixth consecutive session. The share of Saudi National Bank followed suit with a 2 percent slide in daily trading. Saudi Aramco’s shares also fell 1.9 percent.

Jabal Omar rose by more than 2 percent to SR30.95 amid trading of about 3 million shares. The construction company on Sunday announced obtaining Finance Ministry’s approval to restructure SR1.5 billion out of the total loan amount of SR3 billion.

The parallel Nomu index was down 597 points, or 2.4 percent, it closed at 23,971 points, after 368,000 trades.

Riyadh Cement share fell by more than 1 percent at SR32.1, National Building and Marketing share closed at SR319 or 5 percent.

The Saudi Stock Exchange announced the transfer and listing of the shares of Food Development Business Co. to the main market.

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