TASI falls 4.5% to near 5 month-low: Market wrap

RIYADH: The Saudi stock market ended the session on Sunday, down 4.5 percent or 512 points, to close at 10,788 points.

Some 233.1 million shares changed hands in 407,000 deals, with heavy trading in Al Rajhi bank, Alinma Bank, SABIC.

Today’s decline is the largest in percentage terms and points since May 2020, when the market fell by 7.4 percent and 527 points.

On Friday, global markets suffered sharp losses after the World Health Organization (WHO) warned that Omicron, the new COVID-19 variant with numerous mutations, is likely to resist the current vaccines.

In addition, Brent crude dropped 11.6 percent to $72.72 a barrel, while WTI sank 13 percent to $ 68.15 a barrel.

The parallel Nomu index was down 790 points, or 3.41 percent, It closed at 22,374.24 points, after 313,000 trades.

Most of the shares declined today, led by Al Rajhi Bank and SABIC closing at SR133.80 ($35.6) down 5 percent and SR112 down 6 percent.

Saudi Aramco finished at SR34.90 down 2 percent amid trading of about seven million shares.

Saudi National Bank, Alinma Bank, Riyad Bank, Banque Saudi Fransi, Bank Albilad, Sipchem, Maaden, SABB and SABIC Agri-Nutrients declined between 3 and 6 percent.

Petro Rabigh, Saudi Kayan, JAZADCO and Tasnee were among the top decliners.

Meanwhile, Amana Insurance and Saudi Enaya were top gainers, rising to SR37.30 and SR33.35, respectively.