JEDDAH: Saudi shares were narrowly lower on Tuesday amid scant volumes as investors held back from entering the market as they awaited the Kingdom’s budget announcement later this month.
The Tadawul All-Share Index (TASI) closed 0.7 percent lower at 7,031. Volumes pulled back to SR 4.3 billion as only 30 stocks gained while 132 closed in the negative. Most sectors dragged, with cement and retail registering rather heavy declines.
Najran Cement fell over 3 percent to SR11.80, while Yamama Cement, Arabian Cement and Umm Al Qura fell over 2 percent each. Among retailers, Al-Hammadi was a top decliner, down 4.2 percent to SR 35.80.
Blue chip bank stocks, Al-Rajhi Bank slipped slightly while National Commercial Bank lost over 2 percent. In contrast, Mobily was among top gainers, up 2 percent to SR25.10 after it signed an unsecured SR2 billion credit facility agreement with Alinma Bank.
Banking shares in Qatar made strong gains on Tuesday morning after three Qatari banks said they were in talks on a potential $44 billion merger, but other markets in the Gulf retreated on profit-taking.
Masraf Al-Rayan jumped 4.4 percent after the lender announced it was in initial talks with Barwa Bank and privately listed International Bank of Qatar to merge, in a deal that would create the second largest bank in Doha. The main Qatar equities index was up 0.4 percent.
In Dubai, the index was down 0.3 percent with decliners outnumbering gainers 15 to six. Heavyweight Emaar Properties retreated 1 percent.
The Tadawul All-Share Index (TASI) closed 0.7 percent lower at 7,031. Volumes pulled back to SR 4.3 billion as only 30 stocks gained while 132 closed in the negative. Most sectors dragged, with cement and retail registering rather heavy declines.
Najran Cement fell over 3 percent to SR11.80, while Yamama Cement, Arabian Cement and Umm Al Qura fell over 2 percent each. Among retailers, Al-Hammadi was a top decliner, down 4.2 percent to SR 35.80.
Blue chip bank stocks, Al-Rajhi Bank slipped slightly while National Commercial Bank lost over 2 percent. In contrast, Mobily was among top gainers, up 2 percent to SR25.10 after it signed an unsecured SR2 billion credit facility agreement with Alinma Bank.
Banking shares in Qatar made strong gains on Tuesday morning after three Qatari banks said they were in talks on a potential $44 billion merger, but other markets in the Gulf retreated on profit-taking.
Masraf Al-Rayan jumped 4.4 percent after the lender announced it was in initial talks with Barwa Bank and privately listed International Bank of Qatar to merge, in a deal that would create the second largest bank in Doha. The main Qatar equities index was up 0.4 percent.
In Dubai, the index was down 0.3 percent with decliners outnumbering gainers 15 to six. Heavyweight Emaar Properties retreated 1 percent.
