Saudi Arabia Shares Slide 1st Day 4; Ma’aden Sinks on EarningsDeema Almashabi
Saudi Arabia’s benchmark stock index snapped a three-day gain as petrochemical companies and banks led declines.
Saudi Arabian Mining Co., also known as Ma’aden, tumbled 2.35 percent, the most since Feb. 6, to 33.30 riyals in the first trading day after announcing April 10 a 3 percent slump in first-quarter profit that missed the median estimate from three analysts surveyed by Bloomberg.
The Tadawul All Share Index slid 0.2 percent to close at 7,222.00 in Riyadh at 3:30 p.m. The Arab world’s biggest bourse has added 6.2 percent this year. Saudi Basic Industries Corp., the world’s largest petrochemical maker, known as Sabic, fell 1 percent, the most since March 31, to 97.25 riyals. Saudi Telecom Co., or STC, fell 0.5 percent while Etihad Etisalat Co., known as Mobily, was unchanged.
“The Saudi market index is trading in subdued behavior in a response to negative results announced by Ma’aden and in anticipation of other large cap stocks results, mainly Sabic, STC and Mobily.”, Mohammed Al-Omran, a Riyadh-based financial analyst and president of the Gulf Center for Financial Consultancy, said by e-mail.
Al Rajhi Bank, the biggest Saudi lender by market value, dropped 0.4 percent to 66.5 riyals.
Saudi Arabia’s stock exchange is the only Persian Gulf bourse open on Saturdays.