TASI slips as oil slump weighs

A slump in oil prices weighed on Saudi Arabia’s stock market on Sunday even as investors stayed on the sidelines waiting for the second quarter financial reporting to gather steam.

The benchmark Tadawul All Share Index (TASI) fell 0.5 percent to 7,167, extending declines for the fourth straight session. Trading turnover ground lower to just over SAR 2 billion.  

Brent crude futures, a critical benchmark for the Middle East’s oil exporters, dropped 3 percent to $46.71 on Friday on rising US production while higher OPEC output cast doubts over the cartel’s efforts to reign in oversupply.

Many petrochemical stocks closed in the negative. Bellwether SABIC fell slightly to SAR 101. SIIG, Sahara and Petrochem all declined between 1 and 2 percentages.

Advanced Petrochemical fell to SAR 45.65. The stock had risen over 1 percent tin the last session after it reported estimate beating Q2 net profit.  

Elsewhere, the utilities sector slumped over 3 percent dragged by Saudi Electricity, itself down 4 percent to SAR 23.38. 

Meanwhile, Saudi Research and Marketing Group was top gainer, up 9 percent to SAR 40.65. Arabian Pipes rose 5 percent to SAR 13.80.  

Write to Brinda Darasha at brinda.d@argaamplus.com