Saudi market tumbles as trade begins after drone attacks

Saudi traders monitor stock information on the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. REUTERS / Ahmed Yosri / File Photo

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Nov. 21 (Reuters) – The Saudi stock market fell sharply on Sunday, a day after the Iranian-aligned Houthis of Yemen said they had fired 14 drones at several Saudi cities, including at Saudi Aramco facilities in Jeddah . Read more

Saudi Arabia’s benchmark index (.TASI) fell 1.6%, with Al Rajhi Bank (1120.SE) falling 2.2% and Saudi Aramco (2222.SE) losing 1.6%.

The oil giant was also under pressure after India’s Reliance Industries Ltd (RELI.NS) announced on Friday that it agreed with the Saudi company to reassess Aramco’s proposed investment of around $ 15 billion in the oil business. Reliance chemicals (O2C). Read more

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The sale of the 20% stake in the unit was announced in 2019, but was delayed as oil prices and demand collapsed last year due to the pandemic.

The Abu Dhabi index (.ADI) fell 0.2%, hit by a 1% drop from the country’s largest lender, First Abu Dhabi Bank (FAB.AD).

The main Dubai stock index (.DFMGI) gained 0.2%, on course to climb for a sixth session out of seven, logistics company Aramex (ARMX.DU) is betting on 2.4%.

Elsewhere, Amlak Finance (AMLK.DU) jumped 15%, extending its gains for a sixth session.

On Sunday, the Islamic finance company posted a net profit of 887.1 million dirhams ($ 241.55 million) for the third quarter, compared to a loss of 151.4 million dirhams a year ago.

In Qatar, the index (.QSI) was down 0.2%, penalized by a drop of 1.2% of Commercial Bank (COMB.QA).

($ 1 = 3.6726 UAE dirham)

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Ateeq Shariff report in Bangalore

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