Battered oil roils Saudi’s Tadawul index

Battered oil roils Saudi’s Tadawul index:

Saudi Arabia’s Tadawul index closed more than 1 per cent lower on Sunday due to an 8 per cent fall in oil prices.

 The Tadawul index closed 1.25 per cent lower at 7,512.57. The energy index closed 1.96 per cent lower at 4,723.21. The market breadth was negative with declines seen in 147 shares. Alinma Bank closed 0.77 per cent lower at 20.66 Saudi riyals, while Saudi Basic Industries Corp. closed 1.70 per cent lower at 115.40 riyals. Saudi Kayan Petrochemical Co. closed 3 per cent lower at 13.28 riyals.

Al Hassan Ghazi Ibrahim Shaker Co. closed 0.34 per cent lower at 8.77 riyals. “The trend still remains strong in Shaker and a break over shall push its way up towards the next target at 9.90 riyals in the short term. Traders may look to book partial profits and balance hold with stop loss trailed higher to the breakeven,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities, said in a note.