TASI slips 1.3%, falls below 8000

01/09/2019 Argaam

 

Saudi equities fell for the third consecutive session on Sunday, driven down by energy and banking stocks.

 

The benchmark Tadawul All Share Index (TASI) slipped 1.3 percent, or 101 points, to 7,919 points at 10.48 am (Riyadh time) – a seven-and-a-half month low.

 

Blue chip SABIC slipped 0.4 percent to SAR 99.50.

 

Petrochem and Advanced declined 1.8 percent and 1.1 percent, respectively.

 

Banking heavyweight Al Rajhi fell 2.3 percent to SAR 59.10.

 

Other banking scrips BSFR, Samba and SABB were down 1.6 percent and 1.9 percent, respectively.

 

Makkah Construction was the top decliner, falling 2.6 percent to SAR 74.

 

“We expect five percent decline (TASI) over the next six months. Other factors such as oil prices, geopolitical tensions and corporate earnings growth will guide the direction of the market,” Vrajesh Bhandari, senior portfolio manager - asset management, Al Mal Capital, told Argaam last week.

 

The Saudi Stock Exchange (Tadawul) successfully completed its full inclusion into the MSCI Emerging Markets Index, bringing the Kingdom’s weight to 2.8 percent of the index’s total market capitalization.

 

Meanwhile, Arabian Pipes was the top gainer, rising 2.6 percent to SAR 11.12.

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