The Saudi Stock Market Index continued its decline in the fourth consecutive session, with the ongoing sales pressure, amid the unwillingness of investors to continue the risk and anticipation of the decision to reduce interest. The most important “Tassi” index lost 0.23%, with 10410 points at the beginning of trading Monday, due to the decline in the arrow of the “Al -Rajhi Bank”, the owner of the great weight on the index, after the bank lowered its cash distributions of the first half this year compared to the level of the second half of the previous year. The shares of “Sabic”, “Al -Ahly Bank” and “Etisalat” (Mobily) also took off, while the shares of “Aramco”, “Aqua Power” and “Maaden” increased. Saudi banks need liquidity. Financial analyst meeting Mansour is of the opinion that reducing al -rajhi distributions by about 50% within the framework of the bank’s needs for liquidity, in order to reduce interest rates, which are expected to significantly increase demand for loans, especially from individual clients. The markets are widely expected that the Federal Reserve will lower interest rates by at least 25 basis points this week, but investors around the world will wait to look at the largest statements of its president, Jerome Powell, about the prospects for the economy and the way of monetary policy. Mansour added during an intervention with ‘Al -Sharq’ that more Saudi banks are expected to follow this approach (reducing cash distributions) during the upcoming period, such as Al -Hly Bank, and the Bank of Riyadh, in light of the bank’s tendency to improve their financial affinity, to reach the scope of the large loan. Earlier, Al -Sharq said that the Saudi market was also under pressure due to the survival of oil prices under $ 70, which they considered essential to support the performance of “Aramco”, the largest company listed in terms of the market value that has a significant impact on the market direction. Brent established at the beginning of the week near $ 67 a barrel. The ‘Majidiya’ share was beaten after the loss of about 17% of its value during three trading sessions since its inclusion, more than 3% “Al -Majidiya” shares increased by more than 3% in the morning trading, by 12.06 Riyals. Ikrami Abdullah, the chief financial analyst in the newspaper “Al -iqtisadiya”, expected the arrow during the contemporary session, supported by the company’s announcement of signing new contracts, as well as the failure of any of his territory imposed on fees imposed on unarmed countries. The company, the latest expatriates in the Saudi Market, has announced the signing of two contracts with more than 453 million Riyals to implement two residential projects in Riyadh and Jeddah. During an intervention with Al -Sharq, he attributed the decline in the share since its inclusion and its circulation last Wednesday to “the pressure to which the market is generally exposed, especially because he sees active trading.”
The Saudi
