All the listed shares in the Saudi market declined without exception, while the majority of the shares fell by the maximum 10%, led by Al-Rajhi Bank and Aramco, as well as SABIC and the National Commercial Bank.
The general index declined by 631 points, or 9.2 per cent, as the index trades at 6215 points, while trades amounted to about 865 million riyals, were traded on about 35.4 million shares, and with a number of 26.5 thousand transactions.
The banking sector is trading near the lowest level since March 2018, with the sector declining by about 9.5 percent, with 6 banks declining at the minimum level.
These declines come against the backdrop of the sharp decline in oil prices during the end of last week, as well as today’s trading, which witnessed sharp declines of more than 20 per cent.
The drop in oil comes with concerns about global demand for crude and economic growth fueled by the outbreak of the Corona virus, in light of the lack of agreement by “OPEC” producers with independents to further reduce production to support prices.
The Gulf markets also fell sharply during its trading today, with the Kuwait Stock Exchange leading the declines by about 10 per cent, while the stock market was suspended until the end of the session due to sharp declines, while the Dubai Financial Market retreated by 8.6 per cent and about 7.6 per cent for the Abu Dhabi market, also fell Qatar Stock Exchange by about 8.7 per cent.
Asian markets were also in sharp decline, with Japan’s Nikkei falling 5.5 percent and 2.6 percent of declines in the Shanghai index.