Saudi market buying and selling display screen
The primary market index – TASI, ended final Thursday’s session, declining by 0.8%, to shut at 11,656 factors (-96 factors), with a complete worth of trades amounting to about 8 billion riyals, and its weekly positive factors reached 44 factors, because it rose by 0.4% in comparison with the top of the earlier week.
Relating to oil, Brent crude oil rose final Thursday, by 0.12%, or 8 cents, and it additionally rose final Friday, by 0.11%, or 7 cents, to $65.07 per barrel. Its weekly losses amounted to about 1.32%, and its month-to-month losses amounted to about 2.91%.
Nymex crude rose final Thursday, by 0.15%, or the equal of 9 cents, whereas it elevated final Friday, by 0.68%, or the equal of 41 cents, to $60.98 per barrel. Its weekly losses amounted to about 0.85%, and its month-to-month losses amounted to about 2.23%.
Relating to international markets, the Dow Jones Industrial Common declined final Thursday, by 0.23%, or the equal of 109 factors, nevertheless it elevated final Friday, by a slight price of roughly 0.10%, or the equal of 40 factors, to 47,562 factors, recording weekly and month-to-month positive factors of 0.75% and a couple of.51%, respectively.
Gold contract costs elevated final Thursday, by 0.38%, or the equal of $15.2, whereas they decreased final Friday, by 0.48%, or $19.4, to $3,996.50 per ounce, bringing its loss over the week to three.40%, nevertheless it rose by 3.20% in October.
Ahmed Najm, head of market analysis within the Center East at XS.com, stated that the Saudi inventory market recorded slight positive factors this week by 0.38%, persevering with the restoration wave that started final month.
Najm defined that this optimistic efficiency got here after the destructive efficiency that the market witnessed final week, marking the second consecutive month of positive factors, contradicting the earlier interval of losses.
Ahmed Negm, Head of Market Analysis within the Center East at XS.com
Najm identified that this week witnessed the continued announcement of the third quarter outcomes of corporations, which got here primarily from corporations with small and medium market capitalization equivalent to Bupa Arabia, Leejam Sports activities, and Cooperative Insurance coverage.
Najm famous that the market is awaiting with nice curiosity the bulletins coming subsequent month from heavyweight corporations, together with STC, Aramco, and Saudi Electrical energy, stressing that these outcomes shall be decisive in figuring out the following path for the market, as they signify the anticipated fundamental catalyst.
Relating to the efficiency of the sectors, Najm defined that the banking and power sectors dominated market actions, noting that to start with, banking shares led the optimistic efficiency of the market, supported by optimistic sentiment and powerful third-quarter outcomes. Nonetheless, the final buying and selling session witnessed intense promoting operations in main shares equivalent to Al Rajhi and the Nationwide Financial institution of Saudi Arabia, which erased a lot of the positive factors achieved and weighed closely on the efficiency of the final index, whereas the power sector witnessed robust positive factors for the shares of Addis and Arabian Drilling corporations.
Najm said that the optimistic improvement on the financial stage was represented by preliminary estimates exhibiting robust progress in the true gross home product of the Kingdom of Saudi Arabia by 5% on an annual foundation through the third quarter.
He added that this growth was primarily pushed by a big bounce in oil actions by 8.2%, indicating that what’s extra necessary is that non-oil actions achieved robust progress by 4.5%, which helps financial diversification efforts and offers a optimistic background supporting the market.
Technically, Najm reported that the TASI index closed on the stage of 11,655 factors, persevering with its restoration from final week’s closing stage of 11,611 factors, and that if the index continues its upward pattern, its subsequent goal could signify the extent of 11,750 factors, adopted by the extent of 12,000 factors, however within the occasion of a return to promoting strain, the assist stage could also be at 11,500 factors.
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The efficiency of the Dow Jones Index and oil and gold costs through the weekend
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Thursday modified
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Friday modified
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Weekly closing
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Weekly change
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Month-to-month change
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Dow Jones (level)
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(%0.23)
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%0.10
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47562
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%0.75
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%2.51
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Brent crude oil normal ($ per barrel)
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%0.12
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%0.11
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65.07
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(%1.32)
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(%2.91)
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Nymex crude ($ per barrel)
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%0.15
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%0.68
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60.98
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(%0.85)
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(%2.23)
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Gold ($ per ounce)
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%0.38
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(%0.48)
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3996.50
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(%3.40)
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%3.20
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