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Saudi market sinks into the red as the “black gold” loses more of its shine

In Riyadh, the Tadawul All-Share Index dived three per cent to close at 8,106.80 points on Monday, January 5.

Only three shares advanced, while 159 declined in value.  Oil prices (Brent) fell below 54 dollars per barrel, a first in 5.5 years.

The market’s bellwether share SABIC lost 4.64 per cent to SAR79.50.

The Saudi Investment Bank declined by 1.93 per cent to SAR25.40.

Earlier in the day, the Saudi Capital Market Authority’s (CMA) board said it has approved The Saudi Investment Bank’s request to increase its capital from SAR 6 million ($1.62 million) to SAR6.5 million ($1.755 million) through issuing one bonus share for every 12 existing shares owned by the shareholders who are registered in the shareholders registry at the closing of trading on the day of the extraordinary general assembly.