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Saudi stocks retreat at close of trade

Saudi stocks retreat at close of trade

JEDDAH:  Saudi Arabia stocks were lower after the close on Tuesday, as losses in the Real Estate Development, Energy & Utilities and Industrial Investment sectors led shares lower. At the close, the stock benchmark Tadawul All Share Index fell 0.15%. The best performers of the session on the Tadawul All Share were Red Sea Housing Services Company, which rose 6.34% or 1.18 points to trade at 19.80 at the close. Meanwhile, Arabian Shield Coop Insurance Co added 5.32% or 2.15 points to end at 42.55 and Kingdom Holding Company was up 5.06% or 0.52 points to 10.80 in late trade. The worst performers of the session were Nama Chemicals Co., which fell 8.68% or 1.90 points to trade at 20.00 at the close. Banque Saudi Fransi declined 4.24% or 1.40 points to end at 31.60 and Alinma Tokio Marine Co was down 2.34% or 0.60 points to 25.00.

Falling stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange by 106 to 50 and 20 ended unchanged. Crude oil for October delivery was down 0.19% or 0.09 to $47.98 a barrel. Elsewhere in commodities trading, Brent oil for delivery in November rose 0.46% or 0.25 to hit $54.09 a barrel, while the December Gold Futures contract fell 0.40% or 5.35 to trade at $1330.35 a troy ounce. Meanwhile, oil prices recouped some losses on Tuesday, helped by OPEC saying its output fell in August, an indication that the production-cutting pact was helping to reduce a supply gut. International benchmark Brent crude edged 30 cents higher to $54.14 per barrel by 1235 GMT. Earlier in the day it traded as low as $53.42. US West Texas Intermediate was flat from the previous close at $48.07 a barrel. It had traded down to $47.73. OPEC Secretary-General Mohammed Barkindo said on Monday a deal to cut supply would help the market rebalance and strong demand could further reduce oil inventories.