RIYADH: Saudi stocks started Wednesday in the red following rate hike plans coupled with concerns about a worldwide recession.
The main index, TASI, shed 0.26 percent at 11,628, while the parallel market, Nomu, fell 0.35 percent at 20,802, as of 10:07 a.m. Saudi time
ACWA Power Co. gained 5.23 percent to lead the gainers, followed by AlJazira REIT with a 1.10 percent gain, and Saudi Arabian Amiantit Co. with a 2.72 percent gain.
As for the fallers, Saudi Industrial Export Co. led for the second day with a 5.30 percent decline, followed by Tourism Enterprise Co. with a 2.78 percent decline.
Saudi Aramco, the largest player on the Saudi oil market, started today’s trading up 0.13 percent.
In the financial sector, the Kingdom’s largest valued bank Al Rajhi lost 0.70 percent, while Alinma Bank dropped 1.32 percent.
In the pharma sector, Aldawaa Medical Services Co. decreased 0.30 percent, while Nahdi Medical Co. traded flat.
The shares of telecom giants stc and Zain KSA declined 0.50 percent and 0.54 percent, respectively.
Anaam International Holding Group gained 0.09 percent, following the purchase of a real estate asset for SR23 million ($6 million)
In the energy market, Brent crude traded at $109.26 a barrel and US West Texas Intermediate crude reached $103.90 a barrel, as of 10:02 a.m. Saudi time.