TASI recoups early losses; Alinma Bank down 3%

Saudi stocks recouped early losses on Sunday as majority of energy and banking stocks recovered.

The benchmark Tadawul All Share Index (TASI) slipped below the 8,200 mark, falling nearly 1%, or 76 points, to 8,170 points in the first two hours of trading.

Over 73 million shares, worth SAR 1.8 billion, were traded during the period, with the advance-decline ratio at 39:148.

Blue chip SABIC was down 0.5% to SAR 87, while banking major Al Rajhi shed 0.9% to SAR 65.80.

Alinma Bank lost 3.1% to SAR 25.10 as FY 2019 net profit declined 11% year-on-year (YoY) to SAR 2.5 billion.

 Oil giant Aramco was down 0.4% to SAR 33.95.

Sharqiyah Development was the top gainer, rising 9.5% to SAR 62.50.

On Friday, the Dow Jones Industrial Average plunged more than 600 points, registering its steepest one-day loss since August 2019. The S&P 500 and Nasdaq Composite both declined by over 1.5%. 

Write to Parag Deulgaonkar at parag.d@argaam.com