The Saudi market index drops to its lowest level in two months

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The World – Saudi Arabia

The share of Saudi Aramco Oil Company fell 1%, SABIC fell 3%, and other leading shares witnessed sharp declines, so the shares of Saudi Fransi Al-Ahly Commercial, Bank of Riyadh and STC, and Saudi Electricity fell between 2 and 6%.

The economies of the Persian Gulf are dependent on oil revenues, and are greatly affected by fluctuations in crude prices in world markets.

Crude prices plunged sharply for the second consecutive day, with many countries in Europe announcing general closures to limit the outbreak of the Corona pandemic, bringing prices down to their lowest levels since early June.

By 12:45 GMT, Thursday, the benchmark Brent crude for January delivery was trading down about two dollars, or 4.54%, at $ 37.84 a barrel.

US West Texas Intermediate crude contracts, for December delivery, also fell by about two dollars, or 4.92%, to 35.55 dollars a barrel, and in addition to the Saudi market, trading was limited to the Qatar Stock Exchange.

The markets of the Emirates, Kuwait, Oman and Bahrain were on an official holiday, on the occasion of the Prophet’s birthday.

The Qatar Stock Exchange index fell by 1.35%, and closed at 9691 points, and the losses were led for the second day by the Medicare and Dallah shares, which fell by 6.22% and 5.82%, respectively, and Industries Qatar and Qatar National Bank fell by 3.58% and 1.01%, respectively.

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