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Saudi market fall to lowest level in 12M at Tuesday’s close

Saudi market fall to lowest level in 12M at Tuesday’s close
TASI went declined by 1.55% by the end of Tuesday

By: Bedour Al Raee

Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) ended Tuesday’s trading session with a negative performance for the seventh session in a row, hitting the lowest level in a year.  

The benchmark Tadawul All Share Index (TASI) went declined by 1.55%, or 117.53 points, ending the session at 7,481.53 points.

TASI’s traded volume reached 90.44 million shares by the end of Tuesday compared to 133.34 million shares on Monday, while trading value retreated to SAR 2.19 billion from SAR 3.76 billion the session before.

A recent report by Al Jazira Capital stated that TASI failed to hold above the previous bottom around 7600 points due to the negative expectations for the earnings of the third quarter of 2019, and in anticipation of Saudi Aramco’s initial public offering (IPO).

“We expect the index to continue its bearish trend towards completing the last corrective wave (C) as indicated on the chart. The short term outlook remains cautious until the index reaches the 7300 points level,” the report highlighted.

Moreover, the banking sector still has pressure on the Saudi market, as the sector needs radical legislative activity in order to ease legal restrictions to make the sector more effective in the economy, Economist Mohammed Al Suwaid told Mubasher.

By the end of the session, the Saudi Public Transport Company’s stock topped the decliners falling 5.33%.

Meanwhile, Saudi Ceramic’s stock headed the risers adding 3.44%.