Petchems weigh on TASI amid lower oil prices

Saudi Arabia’s Tadawul All Share Index (TASI) ended the week 0.8 percent lower at 6,917 points on Thursday, with petrochemical stocks dropping in response to lower oil prices.

Volumes recovered to SAR 4.3 billion, while the advance-decline ratio stood at 12/158. Eighteen of the 20 sector indices closed lower.

Petrochemical blue-chip SABIC fell 1.2 percent to close at SAR 96.25. Saudi Industrial Investment Group (SIIG), Alujain, and Sahara all lost between 2 and 3 percent.

Meanwhile, Jabal Omar was the top gainer for the day, rising 3 percent to SAR 68.75. The developer has obtained regulatory approval to increase the construction area of phases 5, 6 and 7 of the Jabal Omar Project in Makkah.

Riyad REIT also gained 1.9 percent to close at SAR 14.25. The fund has signed three conditional agreements to acquire properties worth SAR 1.1 billion in Riyadh and Jeddah, it said in a statement to Tadawul on Thursday.

Brent crude was last trading 2 percent lower at $52.04 per barrel (bbl), while West Texas Intermediate (WTI) slipped below the $50-mark, falling 2.2 percent to $49.19/bbl. Oil prices plunged 5 percent on Wednesday to their lowest level in 2017, as official data showed a surge in US inventories over the past week.

Write to Jerusha Sequeira at jerusha.s@argaamnews.com