RIYADH: The Saudi stock market ended the first trading session of September in the red due to lower oil prices and fears of recession.
TASI ended Thursday down 1.15% at 12,142, while the parallel Nomu fell 1.44% at 21,326.
In energy trading, Brent crude fell to $94.20 a barrel, while US West Texas Intermediate hit $88.37 a barrel, as of 3:19 p.m. KST.
Saudi Enaya Cooperative Insurance Co. gained 6.28% following approval by the Saudi Central Bank to reduce its capital to SR100 million ($27 million).
Saudi oil giant Aramco finished 1.07% lower, while Methanol Chemicals Co. fell 0.94% after announcing the appointment of former Aramco member Habes Al Shammary as COO September 1.
In banking, Alinma Bank’s share price fell 2.11%, while Al Rajhi, the Kingdom’s most valuable bank and a major market player, fell 1.44% .
Saudi National Bank, the country’s largest lender, saw its share price drop 2.15%, while Saudi British Bank, which was voted the Kingdom’s best bank in 2022, fell slightly by 0. 75%.
Taiba Investments rose 0.35% following the award of a SR431 million contract to Saudi Arabian Construction Co. to build the Sheraton Taiba Hotel in Medina.