Home Markets Saudi shares fall on weak oil, set for weekly loss

Saudi shares fall on weak oil, set for weekly loss

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A trader looks on near electronic boards showing stock market data at Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed/file Photo


Nov 18 (Reuters) – Saudi shares eased in early trade on Thursday and were set for a weekly loss, tracking weaker oil prices, while other Gulf bourses traded mixed.

Oil prices slid to near six-week lows as China said it was moving to release reserves following a Reuters report that the United States was asking big crude consumers to consider a coordinated release of stocks to lower prices.

Oil prices are down around 4% since Wednesday as the shock treatment seemed to take effect.

Saudi Arabia’s benchmark index (.TASI) dropped 0.2%, hit by a 1.1% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE) and a 0.8% decrease in petrochemical maker Saudi Basic Industries Corp (2010.SE).

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