Real estate sector stock prices fell yesterday following the Cabinet’s approval of a tax on undeveloped land; Dar Al-Arkan shares closed down 6 % at 9.35 riyals, Al-Aqaria shares fell by more than 9 % to 41.03 riyals, while shares of Makkah, Jabal Omar, and Taybah saw the smallest declines, as they lack significant land reserves compared to other companies. Market performance was marked by remarkable volatility during trading sessions in which traders lost their bearings, despite buyers dominating the market.
The market opened 29 points higher, and the general index continued to post gains, rising to 9,377 points, before turning downward; however, it pared its losses by the end of the session.
