Thank you for reading the news about Makkah's $27bn project signs deal for power projects and now with the details
Jeddah - Yasmine El Tohamy - RIYADH: Saudi stocks fell on Sunday as weak earnings data weighed on investor sentiment and losses hit some of the Kingdom’s major stocks.
TASI dropped 1.2 percent, snapping its ten-day winning streak, to close at 12,140 points, and the parallel Nomu market slipped 1.4 percent to 25,707 points.
The Kingdom’s dairy giant, Almarai Co., lost 2.4 percent after leading the losses earlier this morning.
The diary giant earlier posted a 21 percent decline in profit in 2021 as pandemic and value-added tax adversely impacted revenues.
Shares in Saudia Dairy and Foodstuff Co., or SADAFCO, also fell 1.3 percent in response to weak earnings data. Profits dropped by 29 percent during the nine months ending Dec. 31, 2021.
The $1.95 trillion oil giant Saudi Aramco edged down almost 1 percent, and fertilizer firm, SABIC Agri-Nutrients, closed 3 percent lower.
Stocks in the financial sector further weighed on TASI, including Al Rajhi Bank, the Saudi National Bank, SNB, and Alinma Bank, all down between 0.7 and 0.8 percent.
Etihad Atheeb Telecommunications Co. led the gainers, up 6.6 percent, while Saudi Research and Media Group was the highest faller, down over 3.7 percent.
Saudi information technology firm Al Moammar Information Systems Co., MIS, saw a 0.8 percent decline in its share price.
MIS has inked SR84.5 million ($23 million) worth of contracts with its subsidiary Edarat Communications and Information Technology Co. for cloud hosting and data center services.
In energy trading, In energy trading, oil prices brought to an abrupt end the seven-year high on Friday as higher inventories of US crude and fuel prompted profit-taking.
Brent crude oil reached $87.9 per barrel, and US benchmark WTI crude oil settled at $85 per barrel.
These were the details of the news Makkah's $27bn project signs deal for power projects for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.