Saudi hotel and tourism companies lose SAR3.3 billion during a week
The hotel and tourism sector in Saudi Arabia incurred losses by the end of the first week of 2016 to such an extent that they top other sectors at the Saudi Stock Exchange (Tadawul) in terms of losses.
The sector’s companies lost SAR3.3 billion, or 15.5 per cent, lowering their market value to SAR17.9bn compared with SAR21.2bn in the past weekend, reports London-based Alhayat.
Despite this, the sector recorded a rise in the rates of performance compared to the previous week.
The market, as a whole, fell by nine per cent in terms of traded liquidity, which amounted to SAR24.1bn; declined by 15 per cent or 1.075bn shares in terms of traded quantity; while cash in circulation from the sector amounted to SAR1.03bn compared with SAR897m for the previous week.
(SAR1 = AED0.98, at the time of publishing)