The Saudi Stock Market Index “Tassi” started the Monday session transactions with a slight increase of about 0.3%to circulate above the 10850 points level, after dropping in two consecutive sessions. This increase came in collaboration with the rise in oil prices. The support today comes from the rise of the shares of Aramco, Al -Rajhi Bank and Al -Ahly Bank. Oil prices have risen after the geopolitical and commercial risks were increased during the weekend, and this comes with less expectations despite the “OPEC+” production. In an interview with the Al -Sharq channel, Ikrami Abdullah, the chief financial analyst in the newspaper “Al -iqtisadiah”, explained that Tassi’s resorts have arisen over the past two sessions as a result of a number of external and internal factors. At the external level, the tensions associated with customs duties regained the markets, which have encouraged investors to reduce their expectations of the possibility of reducing interest rates, which increases the pressure on corporate costs and negatively affecting the market. The continued drop in oil prices to less than $ 64 was a pressure on Aramco’s share, which is the largest in the index, according to Ikrami. At the internal level, the liquidity in the market has dropped for a variety of reasons, the most prominent of which is the approach of the Eid Al -Aadha holiday, which usually coincides with the low trade values, in addition to new subscriptions that have attracted part of the liquidity, the most important of which is the Flynas subscription, which is one of the biggest proposals in the history of the market. Saudi banks have also submitted bonds and bonds with attractive returns that have attracted investors in search of a fixed income competing with the shares of shares, according to Ikrami.
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