Imdaad expands its presence to Egypt through joint venture with LMD

RIYADH: Saudi stocks fell on Wednesday despite a recent rebound, as the Fed Reserve’s planned rate hikes and the threat of a recession continue to weigh on investor sentiment.

The main index, TASI, fell 2.91 percent to close at 11,319, while the parallel market, Nomu, decreased 1.08 percent to 20,649.

Arab Sea Information System Co. gained 4.76 percent to lead the gainers, followed by Rabigh Refining and Petrochemical Co. with a 4.41 percent gain.

National Gypsum Co. led the laggards with a 9.99 percent decline, followed by Amana Cooperative Insurance Co. with a 7.46 percent fall.

Saudi Aramco, the largest player on the Saudi oil market, closed today’s trading down 0.80 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi lost 4.31 percent, after data showed that the bank dropped 15 percent during June, its worst monthly decline since August 2015.

Further in the financial sector, Alinma Bank dropped 1.32 percent, while Arab National Bank added 1 percent.

In the pharma sector, Aldawaa Medical Services Co. decreased 3.71 percent, while Nahdi Medical Co. fell 3.74 percent.

The shares of telecom giants stc and Zain KSA declined 3.42 percent and 3.57 percent, respectively.

Anaam International Holding Group sank 0.36 percent, following the purchase of a real estate asset for SR23 million ($6 million).

In the energy market, Brent crude traded at $109.21 a barrel and US West Texas Intermediate crude reached $103.76 a barrel, as of 3:33 p.m. Saudi time.