Saudi inventory market drops to 4.4%; index beneath 11,300 factors

The overall index of the Saudi inventory market ‘TASI’ deepened its losses on the shut, falling by 4.44 p.c (equal to 525 factors) on the finish of buying and selling on Sunday, the primary session of the week.

The declines within the Saudi inventory market are affected by the state of concern in international markets with the exacerbation of inflation ranges and the tightening of financial coverage.

Oil costs fell about 6 p.c in Friday’s buying and selling attributable to fears that main central banks elevating rates of interest might gradual the worldwide financial system and scale back vitality demand.

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The greenback rose this week to its highest degree since December 2002 towards a basket of currencies, which additionally put strain on costs and made oil dearer for consumers who use different currencies, acknowledged a report by Reuters.

Saudi inventory index is heading to document the longest consecutive shedding streak for the reason that starting of 2020, along with the drop within the oil value by the most important quantity in three months on Friday.

The worth of buying and selling reached about 6.3 billion riyals, by means of buying and selling on about 179 million shares. The costs of 195 shares decreased, in comparison with a rise of 11 shares out of a complete of 214 listed shares.

Monetary analyst Hamad Al-Olayan in an interview with Arabic TV Al-Arabiya mentioned that the response within the Saudi market in the present day follows the declines within the oil markets.

Olayan identified that regardless of the declines, the continued financial diversification within the Kingdom and good reserves give the market larger flexibility.

The decline was led by Wafra share by 10 p.c, adopted by Anaam Holding by 9.98 p.c, whereas the rises have been led by “Jaco” share by 8.4 p.c, adopted by the catering share by 1.88 p.c.

On the degree of buying and selling values, Al-Rajhi Financial institution issued about 650 million riyals, by means of buying and selling about 7.7 million shares, whereas the buying and selling volumes have been issued by “Dar Al-Arkan” shares by about 20.5 million shares.

The market sectors witnessed a collective decline, with the media and leisure sector main by 6.4 p.c, long-term commodities by 5.3 p.c, and the funding and finance sector by 4.88 p.c.

The Gulf markets additionally see a decline after Saudi Arabia. Qatar market got here second after the index fell by 3.1 p.c, and Kuwait ranked third after it fell 2.7 p.c.

In Bahrain, the market declined by 1.3 p.c, whereas we discover inexperienced buying and selling within the Muscat market by 0.3 p.c.

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