RIYADH: Saudi stocks ended their first trading session of July in red, expanding on the market’s 11 percent loss in June as investors’ optimism was dampened by the fear of interest rate hikes.
As of Sunday’s closing bell, TASI fell 0.51 percent to reach 11,464, while the parallel market, Nomu, plunged 2.33 percent to 21,082.
This was led by a 0.39 percent decline in Saudi Aramco, the largest player on the Saudi oil market, and a 2.55 percent drop in the Kingdom’s largest valued bank Al Rajhi.
Saudi National Bank, one of the Kingdom’s biggest lenders, added 0.91 percent, after announcing SR4.92 billion ($1.31 billion) in dividends for the first half of 2022.
Wafrah for Industry and Development Co. lost 6.82 percent to lead the fallers, followed by Al-Baha Investment and Development Co., which fell 6.04 percent.
Abdullah Al Othaim Markets Co. edged up 2.13 percent, following the news that its mall unit had canceled its initial public offering.
Al Moammar Information Systems Co. added 0.74 percent, after being awarded SR34 million ($9 million) by Saudi Co. for Comprehensive Technical and Security Control as well as SR21.9 million by King Abdulaziz City for Science and Technology.
Oil prices closed Friday with US West Texas Intermediate crude at $108.43 per barrel and Brent crude at $111.63 per barrel.