Saudi Arabia stocks lower at the close of Tuesday's trade
Tadawul All Share Index down 0.43%
SABIC and Al Rajhi Bank were among the main decliners
Saudi Arabia's main stock index closed lower on Tuesday, as declines in financial and petrochemical shares dragged down the market. The Tadawul All Share Index fell 0.43%, closing at 11,636.65. The index has been in a downtrend in recent weeks, as investors have been concerned about the impact of the Covid-19 pandemic on the global economy. Among the worst performers on Tuesday were the banking and petrochemical sectors. Al Rajhi Bank, Saudi Arabia's largest bank by assets, fell 1.4%, while Saudi Basic Industries Corp (SABIC), the country's biggest petrochemical maker, lost 0.7%. Other decliners included Saudi Telecom Co. (STC), which fell 1.2% and Almarai Co., which lost 0.9%. Aramco, Saudi Arabia's state-owned oil company, was one of the few stocks to advance on Tuesday, rising 0.6%. The company is set to release its earnings for the second quarter of 2023 on Thursday. Overall, the Tadawul All Share index has lost about 12% of its value since the beginning of the year. The index is now trading near its lowest level since June 2022. Despite the recent pullback, analysts remain optimistic about the long-term prospects for the Saudi stock market. The market is still relatively undervalued compared to other emerging markets, and the Saudi economy is expected to grow in the coming years as the government implements its Vision 2030 plan.
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