RIYADH: Saudi Arabia’s main index slipped for the third straight session on Monday on global sentiment prevailing amid the likelihood of hawkish US monetary policy.
For the first time since September 27, the Tadawul All Share Index fell below the psychological mark of 11,000, losing 1,100 points in one month.
TASI fell 122 points to close at 10,930, even as parallel market Nomu edged up 73 points to close at 19,049.
Of the 218 companies listed on TASI, 35 rose, while 174 fell. Total exchange turnover was SR3.97 billion ($1.06 billion).
The market also took inspiration from crude oil prices heading south on Monday as supply fears eased amid concerns over China’s fuel demand and rising interest rates.
Both benchmarks closed Friday at their lowest since Sept. 27, extending losses for a second week, with Brent down 9% and US West Texas Intermediate down 10%.
Saudi Arabian Oil Co. fell 55 points to SR33.10 per share, following the Saudi Energy Index, which fell 93 points to close at 5,587.
Indexes that remained afloat on Monday included software and services, healthcare equipment, telecommunications and consumer services.
In the real estate sector, however, Sumou Real Estate Co. bucked Nomu’s trend, rising 5% to close at SR56.80. The company on Monday signed an agreement with National Housing Co. to develop villas on 88,596 square meters of land in Makkah. The project will be partly financed with equity and off-plan.
Tourism Enterprise Co. was the highest earner on TASI. It rose 2.18 points to close at 24.12 SR. Other winners included Al-Baha Investment and Development Co., Arabian Drilling Co., Dr. Sulaiman Al Habib Medical Services Group and Astra Industrial Group.
Meanwhile, Riyadh Cables Group, a regional pioneer in the wire and cable industry, also issued 3.3 million shares on the Saudi Stock Exchange on Monday at an offer price of SR43. The issue closes Tuesday.
The company is one of the largest cable manufacturers in the Middle East and North Africa and operates 15 manufacturing plants. Its production infrastructure is integrated across value chains, with six factories manufacturing raw materials for the cabling industry.
The day’s biggest losers on Nomu were National Environmental Recycling Co., International Human Resources Co., Knowledge Tower Trading Co., Academy of Learning Co. and Group Five Pipe Saudi Co.