TASI declines amid low volumes; Petro Rabigh slumps

Saudi Arabian equities slipped on Sunday as the market looked for fresh direction after the first-quarter reporting period ended May 11.

The Tadawul All Share Index (TASI) fell 0.4 percent to close at 6,853 points, with an advance-decline ratio of 52-115. Volumes remained low at SAR 2.4 billion.

Rabigh Refining and Petrochemical Co. (Petro Rabigh) plunged to its 10 percent lower limit at SAR 13.05. The energy firm widened its Q1 net loss by 549 percent year-on-year to SAR 240 million.

Travel firm Abdulmohsen Al Hokair Group for Tourism and Development fell 9 percent to SAR 29.5, while Alujain lost 5.8 percent and Emaar EC declined 4.4 percent.

Banking bluechip Al Rajhi Bank was down 1 percent at SAR 62.

On the other hand, Ash-Sharqiyah Development Co. reached the maximum upper limit at SAR 35. The company said its accumulated losses have been fully offset on booking additional retained earnings of SAR 154.14 million, due to implementing the International Financial Reporting Standards (IFRS).

Real estate firm Dar Al-Arkan rose 0.8 percent to SAR 6.35, in heavy trade.

Meanwhile, petrochemical heavyweight Saudi Basic Industries Corp. (SABIC) rose 0.7 percent to close at SAR 97.25.

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