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Saudi equities jittery by mid-trade amid woes

Saudi equities jittery by mid-trade amid woes
Photo Credit: Arabianeye-Reuters

By Mouaz bin Saad

Riyadh-Mubasher: The Saudi Stock Exchange (Tadawul) benchmark slipped by Thursday’s mid-session, amid investor worries over news of a Saudi-led airstrike against Houthi rebels in Yemen.

An alliance of 10 countries, led by Saudi Arabia, announced participation in military action against the Houthis in response to a call from embattled Yemeni President Abd-Rabbu Mansour Hadi, who has taken refuge in the southern city of Aden since the rebels seized the capital of Sanaa.

The benchmark TASI fell 1.80% or 159.94 points to reach 8.708 points.

More than 234 million shares were exchanged in 108,700 transactions for more than SAR 5.8 billion.

Fifteen stocks moved higher, topped by Shaker, which rose 3.26% to SAR 70, followed by NADEC (+1.78%) and Saudi Re (+0.76%).

Meanwhile, 145 stocks moved lower, led by Amana Insurance, which dipped 7.28% to SAR 11, and then Walaa Insurance (-7.07%) and SAPTCO (-6.71%).

Property developer Dar Al Arkan was first among actives with 5,508 transactions, and also on top in volume, with 50.9 million shares.