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HomeFinanceSaudi Arabian Equities Dip, Driven by Sectoral Losses

Saudi Arabian Equities Dip, Driven by Sectoral Losses

Key Sectors Lead Downturn in Saudi Stock Market

May 7, 2024
in Finance
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Saudi Arabian equity markets concluded the trading session lower on Tuesday, with significant declines in various sectors dragging down the shares.

By the session’s end in Saudi Arabia, the benchmark index had retreated by 0.12%.

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Leading the session’s gainers on the index were Batic Investments and Logistics Co, which ascended by 6.36% or 0.21 points, concluding the trade at 3.51. In tandem, Development Works Food Co increased by 5.42% or 6.60 points to finish at 128.40, while Saudi Company for Hardware climbed 4.97% or 1.90 points to 40.15 at the session’s close.

Conversely, the session’s laggards were led by Saudi Real Estate Co., which tumbled 7.61% or 1.84 points to close at 22.34. Al Baha Investment and Development Company SJSC also took a hit, declining 7.14% or 0.01 points to close at 0.13, and Americana Restaurants dipped 5.07% or 0.17 points to 3.18.

In the broader market, the number of stocks retreating exceeded those advancing, with 178 falling, 95 climbing, and 25 remaining unchanged on the Saudi Arabia Stock Exchange.

Batic Investments and Logistics Co’s shares reached a 5-year apex, gaining 6.36% to 3.51. Meanwhile, Al Baha Investment and Development Company SJSC’s shares plummeted to a 52-week nadir, dropping 7.14% to 0.13.

Commodity markets saw crude oil for June delivery dipping 0.51% or 0.40 to $78.08 a barrel. Brent oil slated for July delivery also fell by 0.49% or 0.41 to settle at $82.92 a barrel. Gold futures for June delivery saw a decline of 0.25% or 5.75, trading at $2,325.45 a troy ounce.

The currency exchange rates saw the EUR/SAR unchanged by a marginal 0.05% at 4.04, while USD/SAR held steady at 0.00% to 3.75.

Elsewhere in currency markets, the US Dollar Index Futures edged higher by 0.08%, reaching 105.00.

Tags: equitiesinvestmentsaudi arabiaSectoral Performancestock market
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