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Saudi stocks post biggest drop in more than a year after drone attacks

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Nov. 21 (Reuters) – Saudi Arabia’s stock market on Sunday recorded its largest single-day drop in more than a year, a day after Yemen’s Iran-aligned Houthis said they fired 14 drones in several cities in Saudi Arabia, including the Saudi Aramco facilities in Jeddah. Read more

The Saudi-led coalition fighting the Houthis in Yemen said on Friday it had destroyed three drones launched towards southern Saudi Arabia and a fourth over Yemen. He said the group “failed to launch two ballistic missiles” and that they fell inside Yemen.

The benchmark index (.TASI) in Saudi Arabia fell 1.9%, its biggest intraday decline since October 2020, with Al Rajhi Bank (1120.SE) losing 2.2%, while Saudi Aramco (2222. SE) was down 1.9%.

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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

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

In Abu Dhabi, the index (.ADI) fell 0.2%, penalized by a 1.3% drop from the UAE’s largest lender, First Abu Dhabi Bank (FAB.AD).

Dubai’s main stock index (.DFMGI) dropped its initial gains to close 0.2% lower, weighed down by a 0.5% drop from the Shariah-compliant lender Dubai Islamic Bank (DISB.DU).

However, Amlak Finance (AMLK.DU) jumped 15%, winning for a seventh consecutive session.

Last week, the Islamic finance company reported net profit of MAD 887.1 million ($ 241.55 million) for the third quarter, compared to a loss of MAD 151.4 million a year ago.

The Qatari index (.QSI) fell 0.3%, extending losses for a second session, with Qatar National Bank (QNBK.QA) losing 1%.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) ended down 0.6% as most stocks in the index were in negative territory, including Abu Qir Fertilizers (ABUK.CA) , losing 2.2%.

Egypt plans to sell additional shares of Abu Qir Fertilizers on the local stock exchange within a month or less, the public affairs minister told Reuters on Thursday. Read more

($ 1 = 3.6726 UAE dirham)

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Reporting by Ateeq Shariff in Bangalore; Editing by Kirsten Donovan

Our standards: Thomson Reuters Trust Principles.

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2/ https://www.reuters.com/markets/stocks/saudi-stocks-sees-biggest-fall-over-year-after-drone-attacks-2021-11-21/

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