TASI slips after oil falls; volumes shrink to 5-month low

Saudi Arabia’s Tadawul All Share Index (TASI) lost another 1.2 percent on Sunday to close at 6,835 points, after oil prices plunged to a three-month low last week.

Volumes contracted to SAR 2.6 billion, the lowest in five months. The advance-decline ratio came in at 17-152.

Petrochemical stocks suffered, with SABIC down 1 percent at SAR 95.5 and Saudi Kayan losing nearly 3 percent to close at SAR 7.8.

Among the banks, Banque Saudi Fransi fell 2.2 percent to SAR 23.6. France-based Credit Agricole, which owns 31 percent of the Saudi lender, said it was satisfied with business at the bank.

Meanwhile, Bank Aljazira touched its upper limit at SAR 14.5, its highest close in a year. The lender has proposed a 30 percent capital increase through the issue of bonus shares.

In the retail sector, Extra rose nearly 3 percent to SAR 29, while Jarir fell almost 3 percent to SAR 124.25.

Last Friday, Brent futures retreated 1.6 percent to settle at $51.37 a barrel, amid concerns that rising shale production could offset the impact of OPEC-led supply cuts.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com