Saudi Arabia Stocks Close Lower, Led by Real Estate and Financial Sectors

Saudi Arabia Stocks Close Lower, Led by Real Estate and Financial Sectors

Key Points:

  • Saudi Arabia stocks closed lower, with the Tadawul All Share index falling by 0.60%.
  • Al-Rajhi Cooperative Insurance, Saudi Steel Pipe Company, and Middle East Pharmaceutical were among the session’s top performers.
  • Mobile Telecommunications Company, Saudi Arabian Amiantit Co., and Hail Cement Company were among the worst performers.
  • During the session, Saudi Steel Pipe Company and Middle East Pharmaceutical reached all-time highs.

Saudi Arabia stocks concluded Sunday’s trading session on a downward trend, with losses primarily driven by the Real Estate Development, Financial Services, and Telecoms & IT sectors. The Tadawul All Share index fell by 0.60% at the close of trading in Saudi Arabia.

Among the top performers on the Tadawul All Share was Al-Rajhi Cooperative Insurance (TADAWUL:8230), which surged by 9.92% or 8.40 points to 93.10 by the session’s end. Additionally, Saudi Steel Pipe Company (TADAWUL:1320) saw a gain of 9.87% or 4.85 points, closing at 54.00, while Middle East Pharmaceutical (TADAWUL:4016) experienced an increase of 7.56% or 13.60 points, ending at 193.40.

Conversely, the session’s worst performers included Mobile Telecommunications Company (TADAWUL:7030), which witnessed a decline of 6.31% or 0.94 points, closing at 13.96. Saudi Arabian Amiantit Co. (TADAWUL:2160) dropped by 4.27% or 1.20 points to reach 26.90, and Hail Cement Company (TADAWUL:3001) was down by 4.12% or 0.50 points, closing at 11.64.

During the trading session, declining stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange, with 165 stocks experiencing a decline, 115 stocks recording gains, and 23 remaining unchanged. Saudi Steel Pipe Company (TADAWUL:1320) and Middle East Pharmaceutical (TADAWUL:4016) both achieved all-time highs.

In commodities trading, crude oil for April delivery increased by 1.98% to $79.81 per barrel, while Brent oil for May delivery rose by 1.89% to $83.46 per barrel. The April Gold Futures contract also increased by 1.80% to trade at $2,091.60 per troy ounce.

In currency markets, EUR/SAR rose by 0.33% to 4.07, while USD/SAR remained unchanged at 3.75. The US Dollar Index Futures experienced a decline of 0.26%, closing at 103.82.

TechGolly editorial team led by Al Mahmud Al Mamun. He worked as an Editor-in-Chief at a world-leading professional research Magazine. Rasel Hossain and Enamul Kabir are supporting as Managing Editor. Our team is intercorporate with technologists, researchers, and technology writers. We have substantial knowledge and background in Information Technology (IT), Artificial Intelligence (AI), and Embedded Technology.

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