TASI sinks below 7,000 as oil retreats

The Saudi Tadawul All Share Index (TASI) on Tuesday fell 1 percent to 6,942, its lowest close in more than two weeks. Trading volumes amounted to SAR 3.3 billion.

Investors seemed underwhelmed by the financial results announced before the market opened as well as concerned by the pull-back by oil prices.

Most sectors closed in the negative. Blue chips SABIC fell over 1 percent to SAR 99 and Al Rajhi Bank slumped to SAR 63.70.

Alawwal Bank fell 3 percent to SAR 10.35. The lender saw its Q1 net profit drop

37 percent to SAR 324 million.

Yamama Cement dropped 1.4 percent to SAR 17.75 after reporting a 66 percent plunge in net profit.

Ex-dividend stock, Saudi Investment Bank, closed 5 percent lower at SAR 12.35.

Meanwhile, National Commercial Bank climbed over 1 percent to SAR 37.90. The lender reported a slight rise in Q1 net profit to SAR 2.7 billion topping estimates that had penciled in a 9 percent drop YoY.

Maadaniyah, which signed a 99-year contract with Saudi National Automobile Manufacturing Co. (SNAM) to set up a new automobile manufacturing company, rose 2 percent to SAR 23.30.

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