RIYADH: The Saudi Stock Exchange will start trading one hour earlier at 10:00 local time (07:00 GMT) effective from April 3, it said in a statement, as part of a move which also extends opening hours on the bourse by an additional 30 minutes.

The exchange, known as Tadawul, will trade between 10:00 and 15:00 local time, according to the statement.

The Kingdom’s equity market is currently open from 11:00 local time until 15:30 local time.

The pre-trading session will run from 09:30 until 10:00 local time, with a post-trading session held between 15:00 and 16:00 local time, the statement added.

On Wednesday, Tadawul All-Share Index dropped 0.7 percent to 5,833 points, testing minor technical support at the early February low of 5,834 points.

Another close below that support would confirm a break, triggering a minor double top formed by the end-January and February highs and targeting about 5,600 points.

Most petrochemical shares held up relatively well, with Saudi Basic Industries climbing 0.4 percent, but many second- and third-tier stocks were sold by local investors.

Retailer Alhokair dropped 2.4 percent to SR44.40. NBK Capital cut its fair value estimate of the stock by 40 percent to 83 dirhams but maintained a “buy” rating on it.

Another major retailer, Jarir Marketing, also sank 2.4 percent.