The Saudi Stock Exchange is on the way to record the second weekly loss in a row

The Saudi stock market is on their way to a weekly loss for the second time in a row, as it is still affected by the decline in the results of “Aramco”, the giant of the energy and the largest listed company, in addition to the world markets uncertainty due to US Customs. The “Tassi” index finished 0.3% to 11898 points on Wednesday, which has been the lowest closing level since last December 29, under pressure from the energy sector shares led by “Aramco” with minor profits for banks, communications and basic materials. “Stability below 12,000 points are negative for investors, which is why the short -term index can be exposed to further pressure,” said Asim Mansour, head of market research at OW Markets. “The Saudi market is generally influenced by morale, especially the sales operations in America and the fall in oil prices after news about OPEC+ production gradually … and there is exit from Saudi Arabia to other emerging markets such as China, Europe and even India.” Aramco shares are still declining, “Aramco”, yesterday, 1.3%, and still dropped in the second consecutive session, as the company announced its net profit by 12.4% over the past year, and the cash gains distribution reduced by almost a third last year, according to the “East” accounts. Ahmed Al -Rasheed, the first financial analyst at the Al -iqtisadiah newspaper, said the share was affected by several factors, including reducing cash distributions, as well as “the voluntary reduction of the eight countries in OPEC+ next month, which will increase the offer … especially because oil futures are trading at lower prices today. The loss of shareholders today focuses on the “Saudi Arabia for electricity”, which fell 0.84% ​​in the last session after the company announced the results of its business, announcing the drop in the net profits 33% to 6.9 billion Riyals. Profit distributions of 8.792 billion Riyals on the speculative tool. facing his threat to impose comprehensive customs duties on the products received from Canada and Mexico, and also doubled the fees imposed on China, which led to rapid retaliation that would push the global economy to an aggravating trade war. Hours after the announcement of the imposition of fees, people with expert indicated that the Trump administration gave the auto industry an exception for one month of the recently imposed customs duties in Mexico and Canada. The new customs duties imposed by the United States, with 25%, affect most imports from Canada and Mexico and the multiplication of fees on China to 20%, on products received to the United States with a value of about $ 1.5 trillion annually, a wide step that gave the markets to the Republican president. Mansour said: “Trump’s decisions have made a double impact on the General Index of the Saudi Market in respect of the sale of pressure. On the one hand, we have many negative results and the decline in profits, whether in the energy or petrochemical sector. On the other hand, there is a state of blurring regarding the performance of the world economy.”