Saudi Arabia stocks lower at close of trade

17/08/2015 04:34 AST

JEDDAH — Saudi Arabia stocks were lower after the close on Sunday, as losses in the Transport, Real Estate Development and Building & Construction sectors led shares lower.

At the close in Saudi Arabia, the Tadawul All Share declined 2.53% to hit a new 6-months low.

The best performers of the session on the Tadawul All Share were Bupa Arabia for Coop. Insurance, which rose 2.11% or 5.48 points to trade at 265.50 at the close. Meanwhile, Alabdullatif Co. added 0.96% or 0.36 points to end at 38.00 and Mouwasat Medical Services Company was up 0.76% or 1.08 points to 143.00 in late trade.

The worst performers of the session were Takween Advanced Industries, which fell 9.62% or 6.20 points to trade at 58.25 at the close. Saudi Transport & Investment Co declined 9.44% or 6.31 points to end at 60.50 and Al-Babtain Power &Telecom Co was down 9.00% or 3.65 points to 36.90.

Falling stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange by 159 to 7. Crude oil for September delivery was down 0.24% or 0.10 to $42.13 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October fell 1.81% or 0.90 to hit $48.73 a barrel, while the December Gold contract fell 0.13% or 1.40 to trade at $1114.20 a troy ounce.

Oil prices steadied Friday after New York crude reached a new multi-year low point against a backdrop of high supplies.

US benchmark West Texas Intermediate (WTI) for September hit $41.35 a barrel – the lowest level since March 2009. It recovered to $42.22 a barrel, down one cent compared with Thursday’s close. Brent North Sea crude for September rose 12 cents to stand at $49.34 a barrel in London afternoon deals.

Bernard Aw, a strategist at IG Markets, predicted prices to remain weak after the International Energy Agency on Wednesday forecast the global crude supply glut to last into next year.

“The IEA assessment that the supply glut situation would be extended beyond 2015 continues to contribute to the pessimistic outlook for energy,” he said.

The Organization of the Petroleum Exporting Countries this week said that its output in July rose by 100,700 barrels per day from the previous month to 31.5 million bpd.

Saudi Gazette