Saudi stocks decline amid low volumes

Saudi Arabia’s Tadawul All Share Index (TASI) edged down 0.5 percent to close at 6,919 points Monday, trailing a decline in oil prices.

Volumes receded further to near SAR 3 billion, and the advance-decline ratio stood at 55-106.

Al Rajhi Bank, which traded ex-dividend, dropped 3.1 percent to SAR 63.75. The stock had gained more than 1 percent yesterday.

Blue chip lender Alinma Bank added to the downward pressure on the benchmark index as it slipped 0.1 percent to SAR 14.6.

Insurance shares reversed yesterday’s gains, with Solidarity Saudi Takaful Co. losing 5.5 percent to SAR 19.5. Trading on Solidarity shares was suspended for two hours — between 11 and 1 pm — on company’s request as it prepared to announce material development.

Meanwhile, petrochemical stocks came under pressure following the decline in oil prices. Heavyweight Saudi Basic Industries Corp (SABIC) fell 0.4 percent to SAR 96.25.

On the other hand, food and beverages sub-index climbed as National Agricultural Development Co. (NADEC) jumped 3.4 percent to SAR 24.4.

Saudi Printing and Packaging Co. (SPPC) added nearly 2 percent to reach SAR 17.4. Its subsidiary, Almadina Printing and Publishing Co., has won part of an education ministry contract worth around SAR 74.2 million.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com