The Saudi Market urges the impact of global markets

The pressure on the Saudi Stock Market Index continued at the beginning of the trading today, Thursday, amid signs of momentum that dropped in the global financial and oil markets after a wave of rise followed by the announcement of the United States and China trading agreement. The “Tassi” index fell 0.22% at the beginning of the trade, but it is still above the level of 11500 points, with the decline in the shares of “Aramco”, the “Saudi -Fransi -Bank”, “Saudi Telecom” (STC), “Saudi Arabia for electricity” and “Etisalat” (Mobily). Ikrami Abdullah, the chief financial analyst in the newspaper “Al -iqtisadiah”, believes that the two most prominent drivers of the market today will be the relative drop in oil prices, and the momentum of businesses’ announcement of their financial results. Abdullah said during an intervention with ‘Al -Sharq’: ‘The market is the last two sessions that have moved in a very narrow series, and Aramco’s arrow was the main advocate of its rise in about 5% during the week thanks to the company’s best results as expected and high oil prices.’ Unlike the results, the share of “Kingdom Holding” at the beginning of the transactions increased by 4% to 9.08 Riyals, after the company announced an increase in its profits during the first quarter of the year by 120%. Abdullah said: “Based on the company’s work in multiple investments and owning subsidiary companies, there were profits of the businesses and their shares in them the most important advocate of profits. What is striking is that the growth in profits at 120% is much higher than the growth of income of 31% and it shows that the company’s ability to control the cost.” On the other hand, the ‘Zamil Industrial Investment’ share dropped by the maximum of 10%, despite the fact that the company declared its quarterly profit growth in the first three months of the year. The decrease in the global market momentum after a repair wave after the announcement of the United States and China commercial ceasefire began to withdraw the momentum in the global financial and oil markets, which reflects a condition of caution in high -risk assets, making it vulnerable to surprises. The rate of the rise of indicators in Wall Street delayed last night to close the S&P 500 (S&P 500), just 0.1%, while the Nasdaq 100 (Nasdaq 100) index increased by 0.5% by the rise of the “Nvidia” Arrow (Nvidia) after an agreement with the Saudi “Humayne” a 500 -megawantled -Datacenter announced. Asian stock markets recorded their first decline in five sessions, with indicators in Japan, China, Hong Kong and Australia. Oil prices also dropped for the second consecutive day to a report indicating the readiness of Iran to abandon nuclear weapons in an agreement with the United States, in exchange for lifting sanctions. The ‘West Texas’ rough fell, which approaches $ 62 a barrel after losing 0.8% on Wednesday, while Brent Crude closed near $ 66.