Closing Bell: Saudi stock market slips 129 points as oil prices weigh down 

Closing Bell: Saudi stock market slips 129 points as oil prices weigh down 

RIYADH: Saudi Arabia’s Tadawul All Share Index snapped its three-day rally by falling 129.04 points — or 1.21 percent — on Wednesday to close at 10,516.90, burdened by the concerns of a sharp fall in crude oil prices and lingering demand concerns. Brent LCOc1 futures fell 2.3 percent or $1.88 to $80.22 a barrel by 1:32 p.m. Riyadh time, even as US crude CLc1 slipped 2.2 percent or $1.68 to $75.25 per barrel. The benchmark index touched 10,697.71 at 11:33 a.m. but erased its gains later in the day. “Oil prices came under some selling pressure due to demand concerns and the rising cases of COVID-19 in China. It is expected that the wave of fluctuations in the markets will continue in the coming period with continued caution until awaiting economic data from major countries indicate the overall economic picture,” Raed Mohamed Diab, vice president of investment strategy and research of Kuwait-based Kamco Invest, told Arab News. The advance-decline ratio reflected the pulse of the market as 177 stocks of the listed 223 slipped while 36 gained. Parallel market Nomu and MSCI Tadawul 30 Index declined 1.2 percent and 1.26 percent to close at 19,323.88 and 1,465.70, respectively. However, the