Written by: Mohamed Abou Meleeh Riyadh
Riyadh-Mubasher: The Saudi Stock Exchange (Tadawul) ended in green zone today, as it succeeded in erasing around 75% of previous session late trades losses.
The Saudi King speech was the main driver for the market rebound today, as it witnessed strong purchasing power which in its turn pushed turnovers higher.
The Saudi King had made a speech yesterday in which he highlighted that the Kingdom will continue to defend its economic interests and global position.
The benchmark index TASI shut today’s trading 0.94% or 75.96 points up at 8133.39 points.
Thus, the index lost 352.11 points or 4.18% during the last three sessions, where the listed companies lost around SAR87.8 billion from their market value.
The Saudi market's market value succeeded today in recovering a part of the losses it incurred during the last previous sessions as it declined to SAR1.74 billion or 4.18% from SAR1.83 billion by the end of last Thursday’s session.
The Saudi market today's gains came despite of the severe decline of international oil prices , as the price of Brent crude oil has fallen below $50 a barrel for the first time since May 2009.The price of oil traded in the United States, known as West Texas Intermediate crude, has already fallen below $50.
Slowing global growth and increased supply of oil and gas
have pushed oil prices sharply lower for fourth session in a row.
At the sectorial level, almost all of Saudi bourse's sectors
ended today in the green zone, except for the media sector that
declined by 0.35%.
The Hotel & Tourism sector was the top gainer by 2.46%.Insurance sector came in the second place up by 2.4%, followed by Industrial Investment sector as it gained 1.76%.
Meanwhile, Telecommunications sector added 1.28%, petrochemicals surged by 1.05% and Banks & Financial Services inched up by 0.47%.
Market turnover extended its gains today as it reached SAR9.1 billion up by 13% from SAR8.1 billion in the previous session.
In the same vein, trade volume advanced as it recorded 393.6 million shares changed hands against 338 million on previous session, registering a surge of 16.44.
Translated by: Shaimaa ELSarky
