RIYADH: The Saudi main index finished lower on Monday, slipping back following oil price instability that sent investors scrambling ahead of a possible rate hike.

As of the cloning bell, TASI shed 0.84 percent to reach 11,874, while the parallel market Nomu ended flat at 21,038.

This was led by 0.26 decline in Saudi oil giant Aramco, and a 2.13 percent drop in Saudi British Bank, which was voted the best bank in 2022.

Saudi National Bank, one of the Kingdom’s biggest lenders, was down 1.29  percent, while the Kingdom’s largest valued bank Al Rajhi fell 1.02 percent.

Saudi Ceramic Co. slipped 3.79 percent, following a 33 percent drop in first-half profit to SR89 million ($24 million).

Saudi Paper Manufacturing Co. dropped 1.85 percent, despite reporting a 17 percent increase in profit during the first half of 2022.

United Cooperative Assurance Co. continued its downward trend, down 8.01 percent, while Dar Alarkan Real Estate Development Co. led the gainers, up 7.44 percent.

Brent crude reached $104.41 a barrel, while US West Texas Intermediate traded at $96.13 a barrel, as of 3:33 p.m. Saudi time.