Saudi market tumbles in early trade after drone attacks

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

Nov 21 (Reuters) – Saudi Arabia’s stock market fell sharply in early trade on Sunday, a day after Yemen’s Iran-aligned Houthis said they had fired 14 drones at several Saudi Arabian cities, including at Saudi Aramco facilities in Jeddah. read more

Saudi Arabia’s benchmark index (.TASI) dropped 1.6%, with Al Rajhi Bank (1120.SE) retreating 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) said on Friday it had decided with the Saudi company to reevaluate Aramco’s proposed roughly $15 billion investment in Reliance’s oil-to-chemicals (O2C) business. read more

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

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

Dubai’s main share index (.DFMGI) gained 0.2%, on course to rise for a sixth session in seven, with logistic firm Aramex (ARMX.DU) putting on 2.4%.

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

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

In Qatar, the index (.QSI) eased 0.2%, hit by a 1.2% fall in Commercial Bank (COMB.QA).

($1 = 3.6726 UAE dirham)

Reporting by Ateeq Shariff in Bengaluru

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