By Maged Al-Shabib
Riyadh-Mubasher: Saudi bourse’s benchmark shed 0.41% or nearly 30 points to close Monday at the 7,149 level.
The real estate sector closed lower as the Cabinet said on Monday it will gradually impose a 2.5% tax on undeveloped lands owned by persons or private entities in urban areas.
The Shura Council approved last week a proposal to impose taxes on undeveloped lands.
Knowledge City and Emaar EC tumbled 8.1% and 4.6%, respectively. Dar Al-Arkan also fell 2.7%.
The hotels sector was the biggest faller with a loss of 1.43%, followed by the insurance which slipped 1.01%.
Meanwhile, five sectors rose, topped by the media and telecom which added 6.8% and 0.5% in a row. The cement ranked third, drifting 0.2% higher.
Rounding up stocks, losers eclipsed gainers 117 to 43. Research and Marketing rode higher, going limit up at SAR 29.70. Alinma Tokio Marine was the big drag, diving 9.70% to SAR 20.95.
Translated by Abdul Maguid Aboshahla
