Tadawul market resumes trading amid oil price slump
The Saudi Stock Exchange resumed trading on Monday, January 26, after the GCC’s biggest market by value remained closed on Sunday to mourn the late King, HH Abdullah Bin Abdulaziz Bin Saud who passed away on Friday following a lung infection.
Although oil prices came under pressure following renewed uncertainty in the Euro zone due to the leftists’ victory in the elections on Greece on Sunday, the Tadawul All-Share Index edged up by 0.70 per cent to hit 8,480.10 points. Market breadth was quite positive as 140 shares advanced, while 16 stocks declined.
SABIC gained 0.16 per cent to hit SAR79.25.
The shares of Saudi Research and Marketing Group topped the charts by closing 9.74 per cent higher at SAR16.90.
Etihad Etisalat, better known as Mobily, dived 9.84 per cent to SAR38.50.
The Saudi Arabian Mining Company or Maaden surged 3.72 per cent to SAr33.70. Earlier in the day, in a filing to the exchange, Maaden (Arabic for ‘metals’) said in a filing to the bourse, it has completed 98.3 per cent of the Maaden Bauxite and Alumina Company project compared to 94.69 per cent completion as of August 30 2014 as mentioned in the prospectus. It also said it started the commissioning of the alumina refinery commenced on Friday December 19 2014.