Tourist businesses given $80m funding injection amid Saudi plans to grow sector
Follow-ups -eshrag News:
RIYADH: Saudi stocks dipped in Monday’s trading session as investors fretted about a possible global economic slowdown.
The main index, TASI, lost 2.18 percent to 12,053, while the parallel market, Nomu, edged down 1.27 percent to 21,461.
Arab Sea Information System Co. led the fallers list with a 9.96 percent drop, followed by Saudi Advanced Industries Co. with a 9.76 percent drop.
Shares of telecom giant stc lost 3.74 percent as its board proposed a SR30 billion ($8 billion) capital hike through granting bonus shares.
Bupa Arabia for Cooperative Insurance Co. gained 1.63 percent to lead the gainers, after its board recommended increasing capital to SR1.5 billion to support future growth plans.
In the list of gainers, Batic Investments and Logistics Co. ranked second and Tourism Enterprise Co. ranked third, gaining 1.32 percent and 0.93 percent, respectively.
Shares of Saudi Aramco, the largest player on the Saudi oil market, managed to recover early losses to end the day up 0.51 percent.
In the financial sector, the Kingdom’s largest valued bank Al Rajhi shed 2.04 percent, while Alinma Bank added 0.57 percent.
In energy trading, Brent crude reached $120.57 a barrel and US West Texas Intermediate traded at $119.06 a barrel as of 3:29 p.m. Saudi time.
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