Sabic Leads Saudi Arabian Shares Down First Time in Five Days
Saudi Arabia’s benchmark stock index snapped a four-day advance, led down by petrochemical companies.
The Tadawul All Share Index slid 0.3 percent to close at 7,157.64 in Riyadh. Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemical maker, declined 0.5 percent to 97 riyals, the lowest level since March 25. National Industrialization Co. (NIC), the petrochemicals maker known as Tasnee, fell 1.6 percent, the most since Jan. 21, to 31 riyals. The gauge of the Arab world’s biggest stock exchange has added 5.2 percent this year.
“The Saudi index closed in an up-trend last week at its highest level since May and this week is the last week before first-quarter earnings start coming out,” said Turki Fadaak, head of research and consultancy at Albilad Investment Co. “I think the movement of the market is going to be volatile during the week until earning results.”
Saudi Arabia’s stock exchange is the only Persian Gulf bourse open on Saturdays.
To contact the reporter on this story: Deema Almashabi in Riyadh at firstname.lastname@example.org
To contact the editor responsible for this story: Shaji Mathew at email@example.com