TASI falls over 1% in early trade, SABIC slips nearly 2%

Saudi Arabia's stock market continued to slide for the third consecutive session on account of weak global cues and mixed corporate earnings. 

The benchmark Tadawul All Share Index (TASI) slipped below the 8,600 mark on Sunday after falling 1.2 percent, or 103 points, to 8,564 points in the first 40 minutes of trading (10.40 am Riyadh time).
 
Over 14 million shares, worth SAR 355 million, were traded during the period, with the advance-decline ratio at 40:121.

TASI had fallen 0.8 percent to close at 8,666 points last Thursday.

Blue chip SABIC was down 1.9 percent to SAR 104.40, while banking major Al Rajhi shed 1.3 percent to SAR 66.70.

Alinma Bank lost 0.7 percent to SAR 24.62 despite H1 2019 net profit surging 12 percent year-on-year (YoY) to SAR 1.3 billion.

Abdullah Al Othaim dropped 3.1 percent to SAR 82.40, after net profit for H1 2019 fell 10.2 percent YoY.

SAICO was the top gainer, rising 3.2 percent to SAR 11.14.

On Friday, the S&P 500 and Nasdaq declined 0.7 percent and 1.3 percent, after US President Donald Trump announced slapping a 10 percent tariff on $300 billion worth of Chinese imports not currently subject to duties.

Write to Parag Deulgaonkar at parag.d@argaamplus.com