RIYADH: Saudi Arabia’s main index started lower on Wednesday as investors prepared for another large rate hike to be announced by the Federal Reserve.
The Tadawul All Share Index dropped 0.1 percent to start at 11,491, while the parallel market Nomu started flat at 20,210, as of 10:06 a.m. Saudi time.
Saudi oil giant Aramco began the day flat, while Rabigh Refining and Petrochemical Co. fell by 0.42 percent.
The Saudi National Bank, the Kingdom’s largest lender, decreased 0.47 percent, while Saudi British Bank declined 1.04 percent.
The Kingdom’s largest valued bank Al Rajhi Bank edged up 0.35 percent, while Alinma Bank added 0.55 percent.
Saudi Fisheries Co. gained 1.06 percent, after signing a non-binding agreement with Oman Fish Co. for the purpose of strengthening cooperation in fisheries and fish farming.
Saudi Enaya Cooperative Insurance Co. climbed 3.02 percent, after it received approval from the Capital Market Authority to reduce its capital by SR50 million ($13 million) to SR100 million.
Savola Group Co. gained 0.66 percent, after its shareholders agreed to sell all of Savola’s shares in Knowledge Economic City Co. to Taiba Investments Co. for SR459 million.
Saudi Arabia’s Public Investment Fund’s digital security firm Elm Co. added 0.38 percent, after announcing it will distribute SR2 per share as dividends for the first half of the year.Red Sea International Co. added 2.34 percent, after reporting that it reduced its accumulated losses to 20 percent of its capital.