Saudi stock market index slumps to 2-week low as oil prices slide

17/03/2015 06:06 AST

Saudi Arabia’s stock index posted its biggest single-day loss in two months on Monday as oil prices extended their slide.

The benchmark dropped 2.0 percent to a two-week low of 9,438 points in a broad sell-off. The petrochemicals sector fell 2.6 percent.

The earnings of petrochemicals producers, which constitute the biggest sector on Saudi Arabia’s stock market, have been hit hardest by oil’s sustained fall as their sales prices are often linked to petrochemicals prices.

Also, Saudi Arabia’s index had vastly outperformed other major Gulf markets, rising 15.5 percent this year and so the uncertainty over oil tempted short-term investors to book profits.

Early in the day, the main Saudi index fell 0.5 percent and food makers Savola Group and Almarai were among the main drags, falling 1.1 and 1.7 percent respectively.

Brokerage NBK Capital on Monday reiterated a “hold” recommendation on Almarai as the stock, now at 86.50 riyals, trades above its fair value estimate of 75.00 riyals. Savola is Almarai’s biggest shareholder.

Meanwhile, the petrochemicals sector slipped 0.2 percent as Brent oil fell towards $54 per barrel on persistent oversupply concerns.

Egypt’s market fell 1.2 percent in a broad decline, after rising in the two previous sessions as the Cairo government said it had secured tens of billion of dollars in fresh investments at a summit in Sharm El-Sheikh.


Saudi Gazette

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