TASI drops over 2%; most stocks decline

The Saudi stock market continued to fall for the seventh straight session, with Tadawul All Share Index (TASI) plunging over 2 percent in the first two hours of trading on Sunday.

The benchmark index was down 186 points to 8,670 points, driven lower by blue chips in the energy and banking segments. Nearly 36 million shares, valued at SAR 867 million, were traded during the period.

Last week, the benchmark index lost nearly 500 points.

Blue chip SABIC fell 0.9 percent to SAR 114.80, while heavyweight lender Al Rajhi slipped 1.4 percent to close at SAR 68.80.

Developer Jabal Omar was down 2 percent to SAR 29.40 despite reporting a net profit after zakat and tax of SAR 1.6 million for Q1 2019.

Al Rajhi Takaful Group hit limit down to SAR 55.80 as Q1 2019 net profit slumped 89.4 percent year-on-year.

Solidarity was the top gainer, rising 5.3 percent to SAR 14.64. The company’s net profit before zakat increased over fourfold year-on-year (YoY) in the first quarter of 2019 to SAR 5.7 million.

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