RIYADH: Saudi Arabia’s main index dropped below 11,000 points for the first time in nearly nine months thanks to falling oil prices and global recession fears.
The Tadawul All Share Index dipped 2.26 percent at the end of Monday’s trade, reaching 10,909 for the first time since Dec. 12, while the parallel market Nomu shed 0.84 percent to 19,708.
The UAE’s indexes tumbled in the same direction, Abu Dhabi’s main index tumbled 2.2 percent, while Dubai’s main share index dropped 1.8 percent.
The Qatari index fell 1.3 percent, Bahrain’s index fell 0.9 percent and Kuwait’s index fell 1.1 percent.
Outside the Gulf, Egypt’s blue-chip index declined by 0.6 percent at the end of Monday.
In energy trading, Brent crude traded at $84.94 a barrel and WTI crude reached $77.53 a barrel, as of 9:07 a.m. Saudi time.
Stock News
Alhokair Group for Tourism and Development signed two contracts totaling SR94 million ($25 million) with a company that specializes in the establishment and operation of international brands.
Saudi Paper Manufacturing Co. invited its shareholders to vote on raising its capital to SR337 million, following approval by the Capital Markets Authority.
Saudi Parts Center signed a Shariah-compliant credit facility agreement with the Saudi Investment Bank worth SR30 million.
Power and Water Utility Co. for Jubail and Yanbu has received CMA’s approval to offer 73 million shares in Tadawul’s initial public offering.
Saudi Top for Trading Co. obtained the CMA approval to float 880,000 shares on the parallel market, Nomu.