Business

The Saudi market falls in early trade after drone strikes




Saudi traders monitor stock information on Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. REUTERS / Ahmed Yosri / File image

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November 21 (Reuters) – Saudi Arabia’s stock market fell sharply in early trading on Sunday, a day after Yemen’s Iran-adjusted Houthis said they had fired 14 drones at several Saudi cities, including Saudi Aramco facilities in Jeddah. read more

Saudi Arabia’s benchmark index (.TASI) fell 1.6%, with Al Rajhi Bank (1120.SE) retreating 2.2% and Saudi Aramco (2222.SE) losing 1.6%.

The oil giant was also under pressure after India’s Reliance Industries Ltd (RELI.NS) said on Friday that it had decided with the Saudi company to reconsider Aramco’s proposed investment of around $ 15 billion in Reliance’s oil-to-chemicals (O2C) chemicals. business. read more

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The sale of 20% of the ownership interest in the unit was announced in 2019, but was delayed when the oil price and demand crashed last year due to the pandemic.

The Abu Dhabi Index (.ADI) lost 0.2%, hit by a 1% decline in the country’s largest lender First Abu Dhabi Bank (FAB.AD).

Dubai’s main stock index (.DFMGI) increased by 0.2%, on its way to rising for a sixth session of seven, with the logistics firm Aramex (ARMX.DU) increasing by 2.4%.

Elsewhere, Amlak Finance (AMLK.DU) rose 15%, extending gains for a sixth session.

On Sunday, the Islamic finance company increased to a net profit of 887.1 million dirhams ($ 241.55 million) for the third quarter, from a loss of 151.4 million dirhams a year ago.

In Qatar, the index (.QSI) fell 0.2%, hit by a 1.2% fall in Commercial Bank (COMB.QA).

($ 1 = 3.6726 UAE dirham)

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Report by Ateeq Shariff in Bengaluru

Our standards: Thomson Reuters Trust Principles.



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