Riyadh – Mubasher: The benchmark index of the Saudi Stock Exchange (Tadawul) commenced trading on Sunday in the red, dropping 3.37% and sliding 221 points to 6,329.97 points in the first five minutes of trading.
A total of 35.25 million shares were exchanged at a turnover of SAR 491 million, while traded stocks saw a semi-collective decline, with only two risers, namely Saudi Real Estate and Arabian Pipes Co.
All of Tadawul’s sectors were down, as media and publishing led fallers with 6.19%, followed by insurance with 4.76%, while the real estate development sector was the lowest decliner with 2.8%.
As for the market’s heavyweight sectors, telecoms, petrochemicals and banks retreated 3.72%, 3.29% and 2.95%, respectively.
Tadawul is expected to drop by around 3-5% on Sunday, capital market analyst Ahmed El-Malky told Mubasher, adding that trading and closing below the level of 6,500 points for two days in a row will likely result in the market retreating towards the levels of 6,150 and 6,050 points, respectively.
On Friday, the UK’s referendum to exit the European Union (EU) concluded in a leave vote, which resulted in sharp declines for both the euro and pound sterling alongside global markets.
