TASI falls 300 points to 11,161, turnover at SAR 4.4 bln

Saudi Arabia’s benchmark Tadawul All Share Index (TASI) closed 2.6%, or 300 points, lower at 11,161 points today, Sept. 25.

Total turnover reached SAR 4.4 billion.

The index lost 1,100 points since the beginning of the month compared to August-end.

The decline is in line with global markets, primarily the US, and the slide in oil prices amid economic uncertainty and repercussions of the US Federal Reserve’s interest rate moves.

Saudi Aramco and Al Rajhi Bank each lost 3% to close at SAR 335.05 and SAR 81.70, respectively.

Saudi National Bank, Alinma Bank, SABB, SABIC, Sipchem, Bank Albilad, Banque Saudi Fransi, Almarai and Riyad Bank were down 2% to 6%. 

Alinma Tokio and Saudi Paper declined by more than 8%.

Meanwhile, Hail Cement rose more than 8% to SAR 13.20. 

Qassim Cement Co. signed a non-binding memorandum of understanding with Hail Cement Co. to commence discussions on a securities exchange transaction, where the former will acquire all issued shares of the latter. 

To contact the writer, email Parag Deulgaonkar at parag.d@argaam.com