The Saudi Stock Exchange continues with a wave of correction amid selective transactions

The Saudi Stock Market continued its affirmative way for the sixth consecutive session, amid selective transactions and focus on corporate news and quarterly results, with investors ignoring the impact of the commercial escalation of US President Donald Trump. This ignorance of commercial tension is consistent with the direction of global markets. The general index of the market, “Tassi”, ended the session today, with 1% at 11195 points, under the weight of a mass decline in the leadership sectors, of which the banks, energy and communication are. Sabic’s shares were the only one who settled during contemporary trade in exchange for the decline in the shares of “Aramco” and “Al -Rajhi Bank”, the two largest shares on the index, and the “National Bank” and “Aqua Power”. Ahmed Al -Rasheed, the first financial analyst in the newspaper “Al -iqtisadiah”, indicates that the acceleration of the market lending, despite the low trade values, indicates a poor demand for shares, which coincides with the anticipation of the results of the companies for the second quarter. He added during an intervention with “Al -Sharq”: “This situation will not last long because the results will appear at any moment. The market will try to be cohesive at the beginning of tomorrow’s session, but if that does not, the traders’ concerns will increase, and this could lead to further decline.” In the basic materials sector, the ‘advanced petrochemical’ share has increased more than 3%, and the company’s announcement of the company’s announcement increased a jump of more than 95% in the net profits during the second quarter of the year yesterday. Al -Rasheed said that the betting of investors on petrochemical enterprises began to activate, after a long period of pessimistic view to the sector, to be stationed in preparation for the announcement of the financial results of the rest of the businesses. Thamer Al -SAEED, CEO of investment at BLME Capital, believes that the market has recently seen a decline in liquidity, making the index vulnerable to fluctuation in both directions on and off with any move from investors. He added during an intervention with “Al -Sharq”: “There is no fundamental news today that affects the market, so the situation remains as it is. Investors try to achieve profits from the price differences that occur during the trade session.” But he pointed out that the entry of Morgan Stanley as a market maker is good at 40 shares and would reduce the fluctuation that the market sees somewhat. In the latest economic data in the Kingdom, the annual inflation rate in Saudi Arabia ranked slightly to 2.3% during June, compared to 2.2% in May, according to the statements of the General Statistics Authority. By ignoring the commercial escalation despite the US escalation in the commercial file, Wall Street indicators and Asian stocks rose, reflecting investors’ views that US threats were an abstract pressure instrument for negotiation, while oil prices dropped after Trump prevented sanctions on Russian oil. The price of ‘Brent’ ru for the September settlement fell 1.6% to $ 69.21 a barrel, and the West Texas middle groceries fell 2.1% to sit below $ 67 a barrel.