Saudi Stock Market lost 898.57 points (6.52%) in a week after the Eid Holidays; Investors lost SR 290 million in the form of Market Capitalization; Business value increased by 21.23 % to the tune of SR 46 billion.
By: Ghias Uddin: On oil front Saudi Arabia is in favorable position. WTI price increased by 3.33% and Brent increased by 2.11% as compared to the closing before Eid ul Fitr. WTI and Brent were seen trading at US$ 105.71/barrel US$ 107.51/ barrel lately. Gold enriched by 1.98% and traded at US$ 1852.60/Oz recently. The performance of Tadawul All Shares Index was excellent during the last few weeks. It was time for correction. So it happened. Tadawul All Share Index was down by 898.57 points during the last week and closed at 12835.30. Panic selling was observed during the week by investors who thought that market will drop further and they can buy at cheaper rates later. The market was also impacted by international events: USA and Russia’s tough stance on Ukraine, news about surge of coronavirus in China and USA, lockdown implemented in some parts of China. These affected stock market sentiments. The worst day of the week was last day of the week i.e, Thursday 12th May when Index dropped by 543.78 points (4.06%). Due to lower prices the investors lost SR 290 million in the form of Market Capitalization.
Saudi Aramco, the biggest company in Tadawul by capital and market capitalization, saw its total value of trades increase by 46.59% during the week and totaled SR 2.6 billion. The volumes and number of trades enhanced by 41.48% and 70.77% respectively. However, its price tumbled by 0.45% and ended at SR 44.70. Due to drop of price, market capitalization of Aramco plunged by SR 40 million and summed to SR 8.940 billion. ( US$ 2.384 trillion).
RELATED NEWS:
Saudi oil giant reports record profit…
ALSO READ:
Venezuela plans stock sale in break from socialist model…
Stocks longest losing streak since 2001…
Oil up more than 5%, as Russia-EU energy quarrel intensifies…
