TASI falls 2.1%; SABIC slips nearly 2%

Saudi equities fell for the third consecutive session on Sunday, as majority of the stocks traded in red after global stocks declined last week amid rising tensions between the US and China over trade sanctions.

The benchmark Tadawul All Share Index (TASI) slipped 2.1 percent, or 175 points, to 8,217 points at 12.15 pm (Riyadh time). Nearly SAR 1.2 billion worth of trading took place during the period, losers outweighing gainers 173:9.

Global index compiler MSCI will complete the second phase of its upgrade of Saudi Arabia to emerging market status on August 27.

Petrochemicals major SABIC slipped nearly 2 percent to SAR 100.20, while banking major Al Rajhi fell 1.7 percent to SAR 65.40.

Other banking scrips Riyad Bank and Samba were down between 2 and 3 percent.

SABB was the top decliner, falling close to 4 percent to SAR 35.05.

“With ongoing trade war, oil will likely trend further lower and this will be having a higher impact as you see even today,” said an analyst with a top brokerage firm on conditions of anonymity.

MedGulf was the top gainer, rising 3.7 percent to SAR 14.62.

On Friday, US stocks dropped significantly after President Donald Trump ordered that US manufacturers find alternatives to their operations in China.

The Dow Jones Industrial Average closed 2.4 percent lower at 25,629. The S&P 500 shed 2.6 percent to close at 2,847, while the Nasdaq Composite dropped 3 percent to close at 7,752.