TASI falls 1.7%; SRMG hits upper limit

Saudi Arabia’s Tadawul All Share Index (TASI) declined 1.7 percent, or 158 points, to close at 9,179 points on Sunday.

In the first two hours of trading, the index slipped nearly 2 percent, or 191 points, within the first two hours of trading.

Total turnover reached SAR 3.2 billion, while advance-decline ratio stood at 26-158.

Petchems major SABIC edged down 0.7 percent to SAR 122.40, while banking heavyweight Al Rajhi dropped 2.5 percent to SAR 73.30.

Halwani Bros slipped 2.6 percent to SAR 41.60 as the firm could not issue its audited financial statements for the first quarter of 2019 on time.

Dur fell 1.3 percent to SAR 19.34, while Knowledge Economic City (KEC) dipped 0.4 percent to SAR 10.34. Dur sold its 50 percent stake in Makarem Al Marefaa Hospitality Co.to KEC for SAR 27.42 million.

Arriyadh Development was the top decliner, falling 4.6 percent to SAR 15.64, after shareholders approved a 33.33 percent capital hike to SAR 1.33 billion from SAR 1.78 billion through the issue bonus shares.

Meanwhile, Arabian Pipes and Saudi Steel Pipe was up 2.5 percent and 0.6 percent to close at SAR 9.94 and SAR 23.86, respectively.

SRMG was the top gainer, rising 9.97 percent to SAR 80.50.

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