The Saudi market is declining after limited gains in the previous session

The main Saudi market (TASI) ended trading on Tuesday with a slight decline of 0.1 percent, with the index closing at 9876 points, losing 7 points, amid trades with a total value of about 3.4 billion riyals.

The decline came after the market rose by 0.5 percent during Monday's session, when the index closed at 9,883 points, adding 45 points, after two consecutive sessions of decline. The index opened trading on Tuesday with an increase of about 0.45 percent, before declining during the session.

Leading stocks decline

Regarding the leading stocks, STC shares closed at 41.18 riyals, down by 1 percent, and the shares of “Sulaiman Al-Habib,” “Alinma Bank,” “Bahri,” “Alm,” “Yansab,” “Bank Al-Bilad,” and “Jabal Omar” ended their trading with declines of rates ranging between 1 and 3 percent.

“Al Majidiya” stock topped the list of declining stocks, declining by 9.1 percent, followed by “Dallah” by 5.4 percent, “Al-Wasail Industrial” by about 3.5 percent, and “Medgulf Insurance” by 1.1 percent.

“Aramco” stock

On the other hand, Saudi Aramco shares rose by 0.2 percent to 26.16 riyals, amid trading of about 10 million shares, after the company announced its financial results for the third quarter and its cash distributions.

“Al Majid Oud” shares also rose by about 5 percent, and “SAL” shares rose by 4 percent. “Al-Omran” and “Printing and Packaging” stocks topped the list of rising stocks by 6 percent each.

The Iraqi Oil Minister announced, on Tuesday, that agreements had been reached with the American company Chevron regarding the contract for the West Qurna 2 oil field. One of the largest oil fields in the world, according to the official Iraqi News Agency (INA).

The announcement comes within the framework of ongoing negotiations between Baghdad and the American company to take over management of the field, which was managed by the Russian company Lukoil, and produces about 460 thousand barrels per day.

Last February, Chevron entered exclusive negotiations with Iraq to acquire the field, in a move that would expand the American company's presence in the Iraqi oil sector.

“West Qurna 2” is considered one of the most prominent oil assets in Iraq, and represents about 10 percent of the country’s oil production. This gives the agreement special importance for Baghdad’s plans to develop the energy sector and enhance cooperation with international oil companies.