Saudi Stocks Decline Most Since June Led by Bank Albilad - Bloomberg

Saudi Stocks Decline Most Since June Led by Bank Albilad - Bloomberg:



"Shares in Saudi Arabia dropped the most in more than eight weeks, led by banking stocks, after some investors capitalized on gains as the Arab world’s biggest bourse prepares to open to foreigners.



The Tadawul All Share Index (SASEIDX) declined 0.6 percent, the most since June 29, to close at 10,842.78. The benchmark measure has advanced 11 percent since the country announced plans to allow investors outside the Gulf Cooperation Council to access the bourse. Bank Albilad tumbled 4.6 percent, the most since March 17. Alinma Bank erased an increase of 9.5 percent to close 1.7 percent lower as more than 120 million shares changed hands, accounting for about a quarter of all shares traded.



“Retail investors are heavily invested in Alinma Bank,” Khaled Albraikan, head of asset management at NCB Capital, said by phone. “When there’s profit taking in a stock that has been rallying,” it affects the whole market, he said. Alinma Bank advanced 21 percent in the six days through yesterday."



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