(Bloomberg) -- Stocks listed in Saudi Arabia extended last week's declines as oil's losing streak weighed on market sentiment. Equities across the Middle East were also mostly lower.
- The Tadawul All Share Index drops 1.9%, falling past its 50-day moving average
- Al Rajhi Bank -2.2%; SNB -2%; Aramco -1.9%; Sabic -2.4%
- “Lower oil prices, driven by concerns over another bout of Covid-related demand weakness, have drawn the breath from the Tadawul rally,” said Hasnain Malik, the Dubai-based head of research at Tellimer Research
- “No Saudi internal fundamentals have changed, but high valuations versus history means there is going to be high sensitivity to any negative change in the external environment”
- Dubai Financial Market General Index falls 0.2%
- Abu Dhabi's ADX General Index declines 0.2%
- Kuwait's Premier Market index slips 0.3%
- Qatar's QE Index drops 0.3%
- Egypt's EGX 30 retreats 0.6%
- Saudi Arabia is keeping the home fires burning for regional IPOs, readying what could be the biggest sale of shares by a stock-exchange operator since Euronext NV
- Reliance Industries scrapped a plan to sell a 20% stake in its oil-to-chemicals unit to Saudi Arabian Oil Co.
- Yemen's Shiite Houthi rebels said they used drones to attack Aramco's refineries and King Abdullah airport in Jeddah, as well as targets at the Abha airport
Market snapshot as of 4:30 p.m. in Dubai:
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