Saudi stocks down 1.6%, tracking a drop in oil prices: Opening bell 

RIYADH: Saudi Arabia’s stock market started the week lower, tracking a drop in oil prices after China imposed new COVID-19 lockdown measures.

The main TASI index lost 1.65 percent to 12,395, and the parallel market Nomu slipped 1.6 percent to 21,877 as of 10:41 a.m. Saudi time.

This was driven by losses in some of TASI’s biggest weights, with oil giant Aramco declining 1.7 percent and the biggest player in the banking sector, Al Rajhi Bank, down 1.6 percent.

Further in the financial sector, Alinma Bank lost 2.8 percent amid trading of over 2 million shares.