By Mohammed Abu Meleeh
Riyadh-Mubasher: Tadawul All-Share Index (TASI) dropped as much as 1.75% or 108 points, hurt by forecasts that oil prices will continue falling to $20 per barrel.
The bourse was also pressured by the petrochemical sector which fell 2.63%. The sector was also hit by projections that major petrochemical players will acquire the small firms that cannot bear their expenses.
Oil prices declined 3% to $30 per barrel, their lowest in more than 10 years. Some OPEC members call for emergency meeting to discuss the issue.
Wrapping up stocks, losers eclipsed gainers 129 to 28. The newly-listed Alandalus Property was the best performer of the day, rocketing 10% to SAR 19.80. Meanwhile, Nadec was the biggest faller, diving 9.86% to SAR 21.30%.
A total of 11 sectors moved lower, led by the media and hotels which slid 6.65% and 4.78%, respectively. Meanwhile, four sectors moved higher, topped by the industrial investment which climbed 2.07%, followed by cement which rose 0.99%.
Liquidity declined to SAR 5.7 billion from SAR 5.8 billion, after 280 million shares were exchanged.
Translated by Abdul Maguid Aboshahla
