"Al -rajhi" and "Al -Ahly" will stop the losses of the Saudi Stock Exchange

The Saudi Stock Market Index has managed to stop the bleeding of points that lasted nine sessions during which it lost more than 3%, after announcing positive financial results for the largest bank in the kingdom, but the decline in the energy sector is limited to profits. The “Tassi” index ended today’s transactions, rising 0.2% at 10981 points, supported by the rise of the shares of “Al -Rajhi Bank” and “Al -Ahly Bank”, the largest bank listed in the market, in exchange for the decline in the shares of “Aramco”, “Sabic” and “Aqua Power”. The value of trade has improved slightly to 4.3 billion Riyals, compared to 3.2 billion in the last session. Ahmed Al -Rasheed, the first financial analyst for the newspaper “Al -iqtisadiah”, believes that the profits of the market are important today “, although”, because it is the increase in market pressure in the market. He added during an intervention with “Al -Sharq”: “If the market continues to decline today, we would have incurred the longest losses since 2011, and therefore the pressure on the market will increase.” The banking sector leads the ‘Al -Rajhi’ and ‘Al -Ahly’ banks that declare a growth that exceeds the average expectations of analysts in the net profits of the second quarter of the year, while ‘Al Sharq’ financial analyst Marie Salem is described as “one of the best seasons for the two soft and expectations for the rest of the sector.” However, the interaction with the results did not improve the performance of the general index, as there was a decline in other leadership sectors such as energy and basic materials. “Al -rajhi” stocks rose 1.6%, and the price of “al -hly” increased by 0.8%. Al -Rasheed pointed out that “banks generally traded without the averages of analysts evaluating, although in a lesser percentage of al -Rajhi,” and adds that the movements of the sector will be linked to the results of each bank during the upcoming sessions. Al -Rajhi Bank’s profits jumped 31% to 6.15 billion rows, while the “National Bank” profits rose 17.3% to 6.1 billion Riyals between April and June this year. Specim becomes a loss and in the context of the quarterly results, the World Petrochemical Desert (SBCHEM) announced that it became a net loss of 169 million Riyals during the second quarter of the year, which spurred the share to fall more than 5% to the closure. Petrochemical enterprises worldwide face challenges associated with demand, especially of China, the largest consumer in the world, amid concerns about the impact of growth in the trade war and growth in the global economy. The analyst ‘al -iqtisadiah’ said that the results of ‘spick’ do not give a good indication of the petrochemical sector because of the multiple of its products, and the fact that some of them are very specialized, but “the results are not astonishing to the market as the sector has been in the contribution to the market. was. ”