Saudi Seera Group narrows Q1 losses by 52% as demand for travel rebounds

RIYADH: Stocks in Saudi Arabia finished lower on Monday after disappointing earnings were revealed. 

The main index, TASI, fell by 0.04 percent to 13,814 and the parallel market, Nomu, dropped 0.31 percent to 23,475.

The price of crude oil continues to fall since early Monday morning, with Brent crude reaching $109.94 per barrel and WTI crude reaching $107.18 per barrel, at 3:49 a.m. Saudi time.

Atheeb Telecom soared 9.98 percent to lead the gainers, while Saudi Industrial Export Co. plunged 9.88 percent to lead the fallers.

The telecom sector also saw gains, with stc gaining 3.11 percent and Zain KSA gaining 1.88 percent.

Saudi Aramco, the largest player on the Saudi oil market, closed today’s trading session 0.22 percent higher.

Umm Al-Qura Cement Co. dropped 0.77 percent after its profits fell by 55 percent to SR13.8 million ($3.68 million) in the first quarter.

Jarir Marketing Co. edged down 1.59 percent, following announcing that its profit slipped by 6 percent to reach SR251 million.

Halwani Bros. Co. slipped 1.82 percent, after recording a 22 percent drop in profit to SR19.7 million in the first quarter.

Al-Rajhi Co. for Cooperative Insurance was down 1 percent, after reporting a 40.5 percent drop in net profit to SR40 million in the first quarter.