The Saudi stock market reduced its gains at the end of Sunday’s trading, to rise following 4 sessions of decline, and the main index returned to rise near the level of 12000 points, following the improvement in oil prices in the last sessions of the week.
and elevation Oil prices by regarding 4% in Friday’s trading Russia threatened to cut off oil and gas supplies.
And the main market index (TASI) recorded an increase of 0.90%, or the equivalent of 106 points, at the level of 11940 points.
The value of trades amounted to 4.5 billion riyals through trading regarding 121.2 million shares.
The prices of 177 shares rose, led by “L’azurde” by 9.97%, compared to a decline of 29 shares, led by “Al-Rajhi Takaful” by 4.55%, among 217 listed companies.
The most active stocks in terms of trading value were issued by Al-Rajhi, Ma’aden, “SABIC Nutrients”, SABIC, and Petro Rabigh, while Petro Rabigh, Seera, Dar Al-Arkan, Alinma, and the Saudi Group issued the trading volumes.
For his part, the CEO of Mikyal Financial Technologies, Hisham Abu Jameh, said that the Saudi market is greatly affected by external and geopolitical factors.
Abu Jameh said in an interview with “Al Arabiya”, that the Saudi market is also affected by global markets, which have been witnessing fluctuations in the recent period in light of the inability to know certainty.
He pointed to the impact of the drop in oil prices, which recorded a significant decline of more than 15%, then rose once more and fluctuated around the level of $90 a barrel, which has supported the Saudi market recently.
He pointed to the high volatility of the US markets amid fears of rising inflation despite the measures taken to control it, adding that “stock markets are on the verge of high volatility and instability, which raises investors’ fears of entering the market.”
