Date of publication: Monday 19 Muharram 1442 AH – September 07, 2020 KSA 16:44 – GMT 13:44Source: Arab.net
The Saudi Stock Exchange index gained 0.3%, Jabal Omar Development rose 0.3%, while Dr. Sulaiman Al Habib Health Services, 5.4%.
Saudi Aramco, meanwhile, declined slightly, by 0.3%.
In this context, Wasim Jumaa, Director of Asset Management at Capital Investments, explained that the reasons behind the big jump in the Saudi stock market, as the volumes of liquidity are heading again towards speculation, are as follows:
– “Aramco” share has increased its weight in MSCI, and this is a huge liquidity injection on the market that investors and shareholders exploited.
Due to the lack of travel outside the Kingdom due to the Corona virus, many stocks were affected positively.
– And the stocks that were late, which are speculative stocks, started to rise in the market.
In addition, the state-owned oil company said, on Saturday, that it had lowered the official selling price for Arab Light crude to all destinations in October.
Aramco lowered the official selling price of Arab Light crude to Asia by $ 1.40 a barrel, by discounting 50 cents a barrel against the average price of Oman and Dubai crude.
Saudi market at closing
Aramex rises 1.4%
On the Dubai Stock Exchange, the main index rose 0.6%, supported by the rise of Aramex by 1.4%, while Emirates NBD gained 0.9%.
On Wednesday, Dubai sold two-tiered bonds worth two billion dollars, mostly backed by funds in the Middle East, Europe and Britain, a document showed.
This was Dubai’s first issuance in the public debt market since 2014 as the Middle East Tourism and Trade Center seeks to boost its public finances, which have been affected by the Covid-19 pandemic.
In Abu Dhabi, the index lost 0.3%, affected by a 0.5% drop in First Abu Dhabi Bank.
In Qatar, the index stabilized, and Industries Qatar for Petrochemical Production rose 1.3%.
Outside the Gulf, the Egyptian index closed 0.6% higher, ending a series of losses over the course of six sessions thanks to the 0.6% rise in Commercial International Bank.