Saudi shares plummet ahead of new pricing decision

All 120 traded shares fell, expect Arkan and Abdul Latif, which rose by 3.5% and 1% respectively.

Tadawul is also gearing up to implement the new tick size (new price change unit) to become three standards instead of one.

Many analysts expected the fall, as the market dip ahead of any important decision, as was the case with the announcement of the names of investors who own 5% and above.

The sharp fall was caused by speculators who are trying to drag the market to new record lows before buying large quantities of stocks at low prices, targeting companies with price averages between SR25 and SR50.

Twenty six companies fell by the maximum limit of 10%, including Al Drais, while Sabic fell by 8.1% at SR108 before closing at SR110.25 after dominating 17.7% of the total trading.

Trading reached SR6.2bn compare to SR3bn few days ago.
All leading shares registered sharp declines including Arab National Bank which fell by 7.4%, Saudi Hollandi 6%, Samba 5.9% and Al Rajhi 4.6%.

SEPCHEM and Al Mutaqademeh fell almost to the maximum limit of 10%.
Meanwhile, Zain fell by 6.5%, Mobily 0.56% and Saudi Telecom Company 0.78%.