Saudi Banks Lose SR18.2 bln, in Market Value

The market value of the Saudi banking sector dropped as much as SR18.2 billion during Wednesday, December 8, 2021 session, as their market value decreased to SR950.9 billion, at the end of the session, compared to its market value on Tuesday, according to Maaal, as their market value was at SR969 billion.

As many as nine banks fell compared to the previous session, while the Saudi Investment Bank’s market value stayed steady and Amlak’s climbed by SR16 million.

Al-Rajhi Bank topped the banks, in terms of market value decline, with dropping SR8 billion following, a 2.3% slip, in the share price, followed by SNB with SR4 billion loss, compared to the previous session, and Banque Saudi Fransi with a SR2.4 billion slump.

The banking sector index fell by about 2%, at the end of Wednesday’s session, and shares of nine of the Saudi stock market’s banks fell compared to the previous session, led by Banque Saudi Fransi, which fell 4.5%, while the Saudi Investment Bank shares remained unchanged.

It has challenged the sector’s trajectory, to part ways, to finish with a 0.8% gain.

It’s worth noting that TASI concluded Wednesday session, at 10991.8 points, down 116.4 points, or 1.05%, from the previous session.

Source: Tadawul, Maaal follow up