Saudi Arabia’s benchmark Tadawul All Share Index (TASI) fell nearly 1.2 percent on Sunday, after political tensions ramped as US President Donald Trump announced new sanctions on Iran from Monday.
By 11.30 am Riyadh time, the benchmark index was down 106 points, to 8,927 points. Shares, worth SAR 1.2 billion, were exchanged during the period, with the advance-decline ratio at 8:178.
Heavyweight SABIC edged down 1.2 percent to SAR 112.80, while banking major National Commercial Bank fell 1.4percent to SAR 56.20.
Mobily was the top decliner, shedding 3.4 percent to SAR 24.98.
Meanwhile, heavyweight lender Al Rajhi was up 0.3 percent to SAR 71.20 after the board of directors recommended a 15 percent cash dividend for the first half of 2019.
‘Market fall is possibly due to resistance above 9,000 levels as technical indicators are stretched,” Muhammad Faisal Potrik, head of research at Riyad Capital, told Argaam.
“Result season is in progress and so far corporate announcements for major companies are largely in line with expectations,” he added.
Write to Parag Deulgaonkar at email@example.com
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