TASI slips to four-month low amid weak oil

Saudi Arabia’s Tadawul All Share Index (TASI) edged down for the fourth straight session on Monday declining 0.7 percent to 6,788 points – the lowest close in four months – as oil prices extended losses from last week.

Volumes came in at SAR 3.4 billion; and the advance-decline ratio stood at 27-136.

Among key losers was petroleum retailer Aldrees Petroleum and Transport Services Co, which fell 7.4 percent to SAR 27.5 as the stock traded ex-dividend.

Saudi Arabia Refineries Co. was the top decliner, losing 9.8 percent to reach SAR 34.8.

Bank Aljazira succumbed to profit-taking and fell 3.1 percent to SAR 14.05. The lender surged yesterday after proposing a 30 percent capital increase through bonus share issue.

On the other hand, petrochemical major SABIC gained 0.6 percent to reach SAR 96.

Shares of retailer eXtra touched the upper limit at SAR 31.7 – the highest close in 14 months.

Al Hammadi Company for Development and Investment gained 3.6 percent to SAR 34.4. The company has proposed withholding dividends for 2016, choosing to instead focus on maintaining its cash flow to support operations, as well as current and future projects.

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