A collective decline on the Saudi Stock Exchange amid the results of disappointing business and oil that falls

The Saudi stock market sectors have recorded a collective decline, so that the general index lowered the third consecutive session and abandoned the level of 11500 points, which is important, which coincides with disappointing results of leadership companies and the decline in oil prices. The “Tassi” index fell 1.1%to 11411 points, amid a 3.5 billion Riyals trading only compared to an average of 5.9 billion Riyals during the past week, with the energy sectors fell by 1%, banks by 0.5%, basic materials by 2.3%and communication by 2.6%. Under the leadership shares, the price of “Aramco” fell 1% to 24.94 Riyals, the “National Bank” by 1.4% to 34.4 Riyals, and “Aqua Power” by 2.3% to 306.8 Riyals, while the arrow of “Al -Rajhi Bank” remained unchanged at 96.5 Riyals. Ahmed Al -Rashid, the first financial analyst of the ‘economic’ newspaper, believes that the decline in the market is linked to low oil prices today, and explains that “the low trading values ​​indicate a state of anticipation in the market.” Al -Rasheed added in an intervention with Al -Sharq that “the high uncertainty refraining many traders from increasing their positions in the market in general until the incentives appear that they push in this direction.” The results of the disappointment of the price of “Sabic” shares fell 2.8% to 59.6 Riyals, after the petrochemical giant of the industry announced disappointing results for the first quarter of this year. The company became a net loss of 1.2 billion Riyals in the first three months of this year, compared to the expectation of a profit of 698.9 million rows. The company attributes the losses to a decrease in total profit by 1.05 billion Riyals due to the increase in the prices of the valuable materials. She also pointed to an increase in other operational expenses, mainly due to the registration of unexpected costs associated with a strategic restructuring initiative, which amounts to an amount of 1.07 billion Riyals, and is aimed at rationalizing the cost of 345 million rows annually and increasing the level of performance. Mary Salem, the financial analyst at Al -Sharq, believes that the negative cash flow of the company “worries investors because the future expansions of the company can be funded by loans, or from the reserves that the company is supposed to use for purposes such as cash distributions.” But she expected the fall in the share price to be temporary, adding that “Sabic shares are not expected to continue. The price of “Saudi Aramco for Basic Oils” (Lubrev) also fell 0.2% to 98.5 Riyals, after the company announced that its net profits in the first quarter of this year fell by $ 7.3% to $ 221.5 million. The arrow of “Dr. Sulaiman Al Habib Group” fell 2.15% to 282.8 Riyals, due to the minor growth of the company, without the expected profits for the first three months. Global stocks are rising and oil is declining in Wall Street, restoring the data of the risk of risk “S&P 500” (S&P 500) to record its longest profits in two decades, with the effects of the trauma of customs duties in April amid new signs of diplomatic efforts between the United States and China. The S&B 500 and Nasdak 100 index rose more than 1% for each of them, and registered profits for the second week on Friday. Asian stocks also rose on Friday, after China said they were assessing the chances of trading negotiations with the United States, which strengthened the optimism that the tension of customs duties would decline. The MSCI and the Pacific Ocean of Asia rose 0.6%, and the Japanese stocks rose 0.8% after positive remarks from the country’s main trade negotiator in the country. But oil prices fell at the closing of Friday to stay close to their lowest levels since the beginning of 2021, before the “OPEC+” meeting, which decided yesterday to increase production by 411 thousand barrels a day from June. The price of Western Texas -tuss -centric crude in futures has reached about $ 58 a barrel, reducing more than 7% over the past week, while Brent -RU price has reached about $ 61.3 a barrel.