RIYADH: Saudi Arabia’s benchmark index shed 98 points on Sunday as investors shied away from the market due to uncertainties in the global economy, triggered by ongoing geopolitical tensions and soaring inflation. The Tadawul All Share Index, known as TASI, was down 0.91 percent to 10,723, while the parallel market Nomu slipped 14 points or 0.99 percent to 1,485. Of the 219 companies listed on TASI on Sunday, 31 advanced, while 176 declined. According to the data from Tadawul, the total trading turnover closed at SR2.9 billion ($770 million) on Sunday. The most crucial announcement that came during the early hours of trading on Sunday was from Saudi Aramco Base Oil Co., also known as Luberef, which decided to raise up to SR4.95 billion from its initial public offering. According to a statement, Luberef will sell nearly 30 percent of the firm’s issued share capital, or 50.045 million shares, at between 91 and 99 riyals each. The final share price is expected to be unveiled next Sunday, with subscriptions for individual investors running from Dec. 14 -18. A date is not yet been finalized for shares to begin trading on the Tadawul exchange. Saudi Aramco owns 70 percent of Luberef, while Saudi investment bank Jadwa holds the remaining 30 percent. According to the statement, Jadwa Investment is selling the entire stake it acquired in 2007 from Exxon Mobil Corp. SNB Capital, Morgan Stanley, HSBC Holdings Plc and Citigroup Inc. are managing the IPO for Luberef. On Sunday, share prices of Allied Cooperative Insurance Group, rose 7.09 percent to lead the gainers, followed by the Power and Water Utility Co. for Jubail and Yanbu, known as Marafiq which went up 2.56 percent. Aramco, the largest player in the Saudi oil market, was down 0.30 percent at the end of Sunday’s trading session. The top fallers were Theeb Rent a Car Co., Saudi Arabian Amiantit Co., Saudi Enaya Cooperative Insurance Co., and Etihad Atheeb Telecommunication Co. In the banking sector, Alinma Bank and Al Rajhi Bank went down 2.37 percent, and 0.12 percent respectively. In the food and beverage sector, Almarai Co. went up 0.37 percent.