Saudi stocks suffered from a decline today, with US oil futures continuing to trade in negative territory.

The Saudi market index fell 1.6 percent, with Aramco's share declining two percent and Saudi Basic Industries Corporation (SABIC) falling 3.9 percent.

Saudi Electricity Company shares closed 3.1 percent lower after it announced the assignment of the share of the Public Investment Fund in profits for the fiscal year 2019. The fund owns more than 74 percent of Total shares of the company.

Saudi Arabia decided the largest oil exporter in the world last month, to reduce nearly five percent in its budget for the current year, equivalent to about 50 billion riyals, and said it would re-evaluate spending according to Developments in the oil market and the consequences of the pandemic.