Saudi stocks crash as oil falls to $50

Saudi shares crashed on Wednesday weighed by petrochemicals stocks as Brent crude sank close to the $50 mark. A sell-off in global equities also undermined sentiment in the local market.

The Tadawul All Share Index (TASI) closed 1.2 percent lower at 6,832.

 Volumes fell to just under SAR 3 billion. Only nine stocks advanced as opposed to 162 decliners.

Losses were spread across the board with energy, materials and capital goods leading the declines. Petrochemicals blue chip SABIC fell nearly 1 percent to SAR 95. 50.

Tasnee was among top losers, down 4 percent to SAR 16.60. According to its board report, the company has postponed for the fourth time commercial operations of its ilmenite smelter in Jazan Economic City.

Saudi Kayan and Sipchem slid between 2 and 4 percent respectively.

Retailer Extra fell 4 percent in profit-booking, following its rise in the previous session. The stock had gained 40 percent over the past few sessions.

Elsewhere, Jabal Omar rose over 1 percent after the developer said it has sold some of its assets at the Makkah development project to Alinma Investment Co. for a total value of SAR 6 billion.

Wafa Insurance was top gainer, up 5 percent to SAR 18.75 as investors picked up that stock cheaper, after it fell to its maximum on Tuesday. The insurer is set to cut its capital by 40 percent.

Write to Brinda Darasha at brinda.d@argaamplus.com