Saudi market violates the trend of Gulf stock markets and its index rises 1%

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TASI closes near 6,570 points, Aramco climbs 1.5%

Source: Dubai – Arabic.net

The Saudi stock market index, “Tasi”, ended Wednesday’s session, up 0.98%, up 64.04 points, to close at the level of 6569.3 points, with transactions valued at 3.4 billion riyals.

Despite the unprecedented sharp declines in oil prices, the energy sector led the gains in the market to rise by 1.4%, in addition to the rise in the basic materials sector index 0.7%.

Among the losing sectors was the health care sector with a index loss of more than 1%.

Saudi Aramco shares rose 1.49% to 30.6 riyals, with daily trading exceeding 290 million riyals, in a remarkable rise despite the loss of crude oil prices about 60% of its value in the first quarter of this year.

Shares of Riyad Bank jumped 4.68%, while several shares, including SABIC, rose 0.71% and Al-Rajhi 0.19%.

Other stocks, including Pharmaceutical, fell 4%, advanced 0.4%, and Al-Ahly Commercial 0.14%.

In terms of the telecom sector, Mobily led the collective rise in the sector’s shares, as its share rose 6.65%.

Gulf markets performance

On the Gulf level, the Dubai Financial Market Index fell 2.85%, losing 50 points and closing at 1720 points, with Emaar falling 4.95%, and Dubai Islamic shares falling 5%.

The Abu Dhabi Securities Exchange index rose 0.28% to 3,745 points, with Emirates Telecom shares rising 0.26%.

The index of the first Kuwait market fell by 1.73% to 5108 points despite the approval by the Kuwaiti cabinet of a package of incentive measures in the face of the repercussions of the emerging Corona virus “Covid 19”.

And the Muscat Market Index (30) closed at 3424.99 points, down by 23.30 points and by 0.67% compared to the last trading session, which amounted to 3448.29 points.

The turnover was 610 thousand and 532 Omani riyals, down 17% compared to the last trading session, which amounted to 735 thousand and 254 Omani riyals.

The report issued by the Muscat Securities Market indicated that the market value decreased by (0.211% from the last trading day and amounted to approximately 18.10 billion riyals).

Asian stocks

Asian stocks fell almost collectively in today’s trading on the back of a sharp decline in futures contracts in the United States, while Australian shares rose by 3.5%.

The Nikkei 225 index of Japanese stocks fell by 851.6 points, or 4.5%, to close at the close to 18065.41 points, while the broader Topix index declined by 51.96 points, or 3.7%. Investors on the Tokyo Stock Exchange were also hurt by the weak economic data released today, which revealed a sharp decline in confidence in Japanese companies.

The Kospi index of the Seoul Stock Exchange fell by 2.58%. The Hang Seng index of the Hong Kong Stock Exchange fell 2.67%.

The Shanghai Composite Index for Chinese stocks also fell 0.5%.

On the other hand, the S&P / ASX 200 index of Australian shares rose 3.58%, while the broader “All Importinares” index rose 3.52%.

American indicators

The three major US stock indices plunged yesterday, with the Dow Jones Industrial Average incurring its biggest quarterly decline since 1987, and the S&P 500 retreated its biggest quarterly decline since the financial crisis on growing evidence of massive economic damage from the Corona virus pandemic.

Dow fell 410.32 points, or 1.84% to 21917.16 points, and Standard & Poor’s lost 42.06 points, or 1.60%, to score 2584.59 points. The Nasdaq Composite Index fell 74.05 points, or 0.95%, to 7700.10 points.



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