RIYADH: Saudi stocks started Wednesday lower on fears of aggressive rate hikes following an unexpected rise in US inflation.
The Tadawul All Share Index was down 1.8 percent at 11,866, and the parallel market Nomu was down 1.12 percent at 20,763, as of 10:08 a.m. Saudi time.
Saudi oil giant Aramco fell 0.94 percent, while Rabigh Refining and Petrochemical Co. declined 1.99 percent,
The Kingdom’s largest valued bank Al Rajhi fell 2.21 percent, while Alinma Bank edged down 1.88 percent.
The Saudi National Bank, which is the Kingdom's largest lender, shed 1.19 percent, while Saudi British Bank dropped 0.75 percent.
United Electronics Co., known as eXtra, was down 2.02 percent, after it invited its shareholders to vote on a 33 percent capital increase to SR800 million (($231 million).
Scientific and Medical Equipment House Co. fell 0.74 percent, after it signed a SR118 million contract with the Ministry of Education for the operation, maintenance and cleaning of the educational health services center at Najran University.
Taiba Investments Co. fell 1.06 percent, following shareholders approval for the SR459 million purchase of all Savola Group Co. shares in Knowledge Economic City Co..