Market sentiment and appetite for investor risk globally were affected by renewed trade war fears in the worst economic periods in history, causing the oil price to drop and turmoil in future expectations. The Saudi General Index (TASI) fell yesterday, at the highest pace in two months, and among the losers, SABIC (SE: 2010), the Saudi Basic Industries Corporation.
The company today announced a net loss of 0.95 billion Saudi riyals, and during the first quarter of 2019, the company recorded a net profit of $ 3.41 billion.
The loss was attributed to the decline in the average selling prices of the products, and the decrease in the value of their capital assets by 1.1 billion riyals.
And for the fourth quarter, the company recorded losses amounting to 0.79 billion riyals, and tracks losses for the second quarter.
The company witnessed a decrease in sales of about 17.5%, a decrease of 30.83 billion riyals. The operating profit of the company decreased by 92.2% to 0.48 billion riyals.
Total comprehensive income declined to 1.81 billion Saudi riyals.
Earnings per share fell -0.32 SAR.
The share price is now trading on the Tadawul website 69.20 SAR, up 0.29%. Despite the stock deepening losses to 68.30 Saudi riyals after 45 minutes of trading opening.
Despite this, the stock overcame the stock according to the RSI and stochastic.
Violent movements of the stock continue between ups and downs in large proportions, with the stock falling at 11:07 to 68.60 SAR, down -58%.