TASI falls nearly 2%; SABIC drops 3% in early trade

Saudi equities fell for the second day in a row, dragged down by energy and banking stocks.

The benchmark Tadawul All Share Index (TASI) declined 1.7 percent, or 139 points, to 7,827 points in the first hour trading on Wednesday.

Over 35 million shares, worth SAR 928 million, were traded, with advance-decline ratio at 7-170.

Blue chip Saudi Basic Industries Corp. (SABIC) slipped 3.1 percent to SAR 93.50.

Banking major Al Rajhi was down nearly 2 percent to SAR 59.10. SABB, Alinma, NCB and Albilad were down between 2 and 4 percent.

AlSorayai Group was the top decliner, falling 5.5 percent to SAR 39.

Meanwhile, Amiantit was the top gainer, rising 2.1 percent to SAR 23.18.