The Saudi stock market index “TASI” closed today, Tuesday, in fall of 0.9% to reach 11,096.58 points, following the impact of falling oil prices.
Oil prices fell more than a dollar a barrel today, following the rise in COVID-19 cases in China has renewed fears of a reduction in fuel consumption in the world’s largest importer of crude oil.
Brent crude futures fell $ 1.07, or 1.15%, to $ 92.07 a barrel by 10:05 GMT, after falling 3% when they stabilized on Monday, according to Reuters.
US West Texas Intermediate Crude Oil also fell $ 1.25, or 1.46%, to $ 84.62 a barrel, after falling 3.5% in the previous session.
Shares of the Saudi oil giant Aramco fell by 1.8%, SABIC by 0.2%, Ma’aden by 3.8% and Pipes by 1.55%.
Shares of Riyad Bank fell by 1.6%, Saudi Fransi by 3.5% and Al-Ahly Bank by 2%.
On the other hand, Al Rajhi Bank grew by 0.5%, Petro Rabigh by 1.8% and Saudi industrialization by 1%.
Mikyal Financial Technologies CEO Hisham Abu Jameh said several things control the Saudi market’s performance in today’s session, most of them external.
In an interview with Al Arabiya, Abu Jameh highlighted the frequent global events, as well as the rise in interest rates on the US dollar, which is reflected in the Saudi riyal.
He said third-quarter results showed sharp drops in profits for some sectors, such as petrochemicals.
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