Hisham Abu Jameh, the CEO of Mikyal Financial Technologies, claimed that the rise in oil prices contributed to the stability of the Saudi stock market and that the Friday collapse of the world markets had no bearing on it.
In contrast to some other markets, the Saudi market’s constituent parts are concentrated mostly in the banking industry, which has an impact on the Tadawul index, as well as in stocks like Aramco and SABIC.
Oil is a very important factor in influencing the financial markets, especially in light of the great turmoil around the world.
The oil markets are watching developments in Libya, developments in the Iranian nuclear agreement, addition to the continuing repercussions of the Ukrainian crisis.
He stated that these factors support the continuation of oil prices above the level of $100 per barrel, which are the levels that OPEC aspires to.
The Saudi stock market showed cohesion in trading today, Sunday, in light of occasional movements, to maintain the level of 12,500 points, despite the strong decline of global markets last Friday’s session.
The main market index (TASI) decreased by 0.52%, or 65 points, to 12526 points.
The value of trades amounted to 5.8 billion riyals through trading about 137.7 million shares.
The prices of 84 shares rose, led by “Gas” by 9.89%, compared to a decline of 118 shares, led by “Tihama” by 2.5%, among 217 listed companies.
The most active stocks in terms of trading value were issued by “SABIC Nutrients”, Ma’aden, Al-Rajhi, and “STC” stocks, while Dar Al-Arkan, “Ma’aden” and Petro Rabigh were led by the trading volumes.
Wall Street fell on Friday, closing significantly lower, as investors who wanted to adopt lower interest rates were disappointed.