RIYADH: Saudi Arabia’s benchmark index slipped 304 points on Monday, as investors shied away from the market due to dampening business sentiments, inflationary pressures, and looming uncertainties surrounding the future of the global economy.
The Tadawul All Share Index, known as TASI, was down 2.84 percent at 10,419 on Monday, while the parallel market Nomu shed 44 points or 2.98 percent to 1441.
TASI slipped below 11,000 on Nov. 21 and has been hovering under that mark since then.
On Monday, of the 219 listed companies on TASI, 190 retreated, while 20 advanced.
Etihad Atheeb Telecommunication Co. rose 2.88 percent to lead the gainers, followed by Saudi Industrial Investment Group and Theeb Rent a Car Co., whose share prices surged 2.09 percent and 1.60 percent respectively.
Prior to the market opening Saudi Industrial Investment Group declared a 7.5 percent cash dividend, at SR0.75 ($0.20) per share, totaling SR566.1 million.
Saudi Enaya Cooperative Insurance Co. led the fallers, as it was down 9.93 percent at the end of Monday’s trading session.
Other top fallers were Saudi Arabia Refineries Co., Al-Rajhi Company for Cooperative Insurance, Riyad Bank, and Dr. Sulaiman Al Habib Medical Services Group.
In the banking sector, Alinma Bank and Al Rajhi Bank fell 3.03 percent and 3.75 percent respectively.
Saudi Aramco, one of the biggest energy producers in the world slipped 2.12 percent when the session closed on Monday.
In the food and beverage sector, Almarai Co. went down 2.43 percent.
Meanwhile, Jeddah-based Middle East Paper Co. announced it had restored the production capacity and operations of its plant in Al Khumrah on Dec. 1, ahead of the previously projected date to complete restoration works.
Last week, MEPCO revealed the record rainfall in Jeddah had resulted in a stoppage of work at the plant on Nov. 24.
According to a statement, MEPCO incurred a decline in sales worth SR18 million, which equals to almost 7 percent of the projected figures for the fourth quarter.
In another major development, Al-Saif Stores for Development & Investment Co., known as Alsaif Gallerym announced the successful completion of the book-building process for institutional investors, where the final offer price was set at SR115 per share, with a coverage ratio amounting to 1550 percent of the total offer shares.