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Saudi stocks sees biggest fall in over a year after drone attacks

Saudi stocks sees biggest fall in over a year after drone attacks
November 22, 2021 Reuters

JEDDAH (Reuters) – Saudi Arabia's stock market posted its biggest one-day drop in more than a year.

The benchmark index in Saudi Arabia slid 1.9%, its biggest intraday drop since Oct. 2020, with Al Rajhi Bank losing 2.2%, while Saudi Aramco retreated 1.9%.

The oil giant was also under pressure after India's Reliance Industries Ltd said it had decided with the Saudi company to reevaluate Aramco's proposed roughly $15 billion investment in Reliance's oil-to-chemicals business.

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

In Abu Dhabi, the index eased 0.2%, hit by a 1.3% fall in the United Arab Emirates' largest lender First Abu Dhabi Bank.

Dubai's main share index gave up early gains to close 0.2% lower, weighed down by a 0.5% drop in sharia-compliant lender Dubai Islamic Bank.

However, Amlak Finance surged 15%, gaining for a seventh consecutive session.

Last week, 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.

The Qatari index fell 0.3%, extending losses for a second session, with Qatar National Bank dropping 1%.

Outside the Gulf, Egypt's blue-chip index ended 0.6% lower, as most of the stocks in the index were in negative territory including Abu Qir Fertilizers, shedding 2.2%.

Egypt plans to sell additional shares in Abu Qir Fertilizers on the local stock exchange within one month at most, the minister of the public business sector told Reuters.