The Saudi stock market loses its early profits and closes a drop

The most important Saudi Market Index, “Tassi”, ended the first sessions of the week, which fell 0.3% from Thursday closing, after a record of profits was 1% during trade. The index closed without an obstacle of 11600 points, amid the liquidity of 3.7 billion Riyal, a decline of nearly half of the previous session trading, exceeding 6.4 billion Riyals. The index was under pressure due to the decline in the shares of Al -Rajhi Bank, Al -Hly Bank and Maaden. Investors are looking forward to the development of the coming hours, the road to which the war is turned, and the extent of its impact on oil prices, on the movement of shipping, air transport, foreign investment in the region, mineral prices and gold, which is reflected in the movement of stock markets, including Saudi Arabia. According to Abdullah Al -Hamid, head of consultation at Gib Capital, the markets in an interview with “Al -Sharq” are often the future expectations, not the current or previous conditions, suggesting that the relative improvement in estimates on geopolitical conditions is currently reflected on the appetite of investors. He explained that the negative performance that the stock markets saw during more than a month, due to the escalation of geopolitical tension, in turn was a catalyst for investors to re -enter, with the increasing belief that the situation could improve. The General Index of the Saudi Market “Tassi” ended last week with a weekly loss of 2.1%, in its biggest weekly fall since the week ending April 10, and continued the decline for the second week in a row. Despite the losses recorded over the past week, the index ended Thursday’s session with a slight rise to transactions of volatility, to close above the 10600 points level. “Al -jazeera Capital” said in a report on the performance of the Saudi stock market that the purchase momentum returned after the index tested the level of “Fibonacci” correction 78.6% at 10535 points, which contributed to the rise of the index during the Thursday. The report added that the level of 10535 points is an immediate support for the index, which indicates that breaching the market could drop to fall to 10430 levels or even 10370 points.