The Saudi Stock Exchange ends up for the second session, amid the variation of the results of the businesses

The Saudi Stock Market continued to fall in the second consecutive session, in light of the continued caution among the traders, with some contrast in the financial results of the listed companies. The “Tassi” index terminated the session with a loss of 0.6% at 10823 points, under the weight of most sectors, the banks and energy of which is, amid a collective decline in leadership share, with the exception of “Aramco”, which changed coherently. The telecommunications sector returned to recovery after the results of the most expected businesses, led by the part of “Zain Saudi Arabia”, which achieved the highest daily increase in 12 weeks during trade before reducing its profits to 2%. Selim, a member of the CFA’s Council in the Kingdom, believes that share prices in the market were already a major allowance “and awaited a justification for the correction,” to note that the biggest driving in the market would be to reduce interest rates during the coming period that if this happens, the financing costs for companies will reduce. However, the US Federal Reserve is generally expected to hold interest rates tomorrow without change, while investors will consider the comments of his president, Jerome Powell, in the future in search of indicators on the path of monetary policy, which will affect the Saudi market as a result of the connection with the kingdom’s monetary policy to its counterpart in the United States. Several results, “Clubs for Sports” shares have abandoned its early profits, which amount to about 3%, despite the company that announced its growth in the second quarter 28%. The arrow has so far been about 47% since it was admitted to the market about a week ago. Mary Salem, the financial analyst of “Al -Sharq”, attributes the strong performance of the share, in contrast to newly inserted shares in recent times, that the sports sector in the kingdom is promising and receiving a lot of attention. “We are talking about a sector related to every member of society and is not limited to a specific category. Sports activity has a great space in the kingdom, and these are factors affecting the psyche of the investor on how to handle this stock,” she added. In the same direction, the arrow of the “Arabic drill” decreased by maximum, after the company announced that its profits fell 65% during the second quarter due to the fall in the operating figures of its platforms. But the reaction of the Arrow is not only related to the financial results of the business, but also “it is also related to the company’s expectations of decrease in turnover in the third quarter, as well as the suspension of profits distribution,” according to Ahmed al -race, the first financial analyst of the “economist” newspaper. Al -Rashid added in an interview with ‘Al -Sharq’ that the company so far depends on a single market, which is the Saudi market, which increases the risks for it, but it takes steps to change the situation, after it announced the signing of a contract today to expand in the wave region. On the other hand, the positive results strengthened the “Mouwasat” arrow for medical services to close about 0.8% after the company announced the growth of profits by 22%. The price of the “City Cement” share increased by more than 1% after the net profit grew by about 31% during the second quarter.