The Saudi stock market is witnessing the largest decline after the Houthi “Al-Masirah” attacks


The Saudi stock market witnessed; Today, Monday, the biggest drop in trading in more than a year, and it continued its losses from the previous session in the wake of drone attacks; According to the agency “Reuters”.

The Saudi index fell 2.7 percent, recording the largest intraday decline since October 2020, with Al-Rajhi Bank down 4.5 percent and the National Bank of Saudi Arabia, the kingdom’s largest, 3.7 percent.

Among the other losers, was Aramco, which fell 1.8 percent.

Aramco’s stock was also under pressure after India’s Reliance Industries said on Friday that it and Aramco had decided to re-evaluate Aramco’s proposed investment of about $15 billion in Reliance’s oil-to-chemicals business.

However, Nayifat Finance, an Islamic finance company focused on the consumer sector, closed at 35.25 riyals per share, up 3.6 percent from the initial public offering price of 34 riyals.

On Monday morning, Saudi media reported that the Saudi-led Arab coalition in Yemen had monitored indications of an imminent danger to navigation and global trade movement in the southern Red Sea.

Yesterday, Sunday, the media reported that the coalition said that its air defenses destroyed a drone targeting Najran Airport in the south of the Kingdom.

Last Saturday, the Houthi group said that it had launched 14 drones on several Saudi cities and targeted Aramco facilities in Jeddah.

In the rest of the Gulf countries, the Dubai index fell 2.6%, affected by the decline in the shares of Emaar Properties 4.3% and Emirates NBD Bank 3.5%.

Abu Dhabi’s index rose 0.1 percent, boosted by an increase in Alpha Abu Dhabi Holding.

The Qatari index also fell 0.9 percent, affected by a 2.8 percent decline in the petrochemical company, Industries Qatar.

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