TASI recoups early losses; Alinma Bank down 3%

02/02/2020 Argaam
by Parag Deulgaonkar

 

Saudi stocks recouped early losses on Sunday as majority of energy and banking stocks recovered.

 

The benchmark Tadawul All Share Index (TASI) slipped below the 8,200 mark, falling nearly 1%, or 76 points, to 8,170 points in the first two hours of trading.

 

Over 73 million shares, worth SAR 1.8 billion, were traded during the period, with the advance-decline ratio at 39:148.

 

Blue chip SABIC was down 0.5% to SAR 87, while banking major Al Rajhi shed 0.9% to SAR 65.80.

 

Alinma Bank lost 3.1% to SAR 25.10 as FY 2019 net profit declined 11% year-on-year (YoY) to SAR 2.5 billion.

 

 Oil giant Aramco was down 0.4% to SAR 33.95.

 

Sharqiyah Development was the top gainer, rising 9.5% to SAR 62.50.

 

On Friday, the Dow Jones Industrial Average plunged more than 600 points, registering its steepest one-day loss since August 2019. The S&P 500 and Nasdaq Composite both declined by over 1.5%. 

 

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

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