Saudi stocks fell in trading today, Sunday, affected by the decline in oil prices during the past days, and pressure from several sectors that witnessed a decline.
During Friday’s session, oil prices fell and recorded the largest weekly loss in nine months, affected by weak demand for fuel and the big selling on oil futures contracts.
The Delta variant of the Coronavirus exacerbated the decline in oil prices, and led to a decline that lasted for seven consecutive days.
The main market index TASI fell on Sunday by 0.82%, or 91.4 points, to 11110.21 points, the lowest level since the beginning of August.
The trading volume reached 55.164 million shares, with a value of 1.851 billion riyals, through the implementation of 93,029 deals.
Despite today’s declines, TASI recorded a rise of 27.91%, or 2425 points, since the beginning of this year so far, and the index tested its highest levels since January 2008.
The public utilities sector led the declines by 1.60%, then the food retail sector by 1.23%, while the banks fell by 1.04%, the transportation by 1.03%, and the energy sector fell by 0.48%.
In terms of shares, the share of Tanmia came the lowest by 3.45%, then Al-Madina Cement by 3.28%, and “Jazira” Takaful by 3.28%.
On the other hand, the”Kingdom Co.’s share came first with a share of 3.14%, then Atheeb Telecom 3.1%, and “Exports” 2.40%.
Dar Al-Arkan’s share was the most traded in terms of volume, with 5.70 million shares, with a value of 57.68 million riyals, while “Al-Rajhi” came the highest in terms of value with 105.77 million riyals.
The Saudi market index ended last week’s trading, down by 1.08% on a weekly basis to the point of 11202. The average weekly trading recorded a decline of 20.2% to 31.78 billion riyals, compared to 39.83 billion riyals in the previous week.
Today, the period set for announcing the quarterly financial results of companies listed on the Saudi market ends.
The petrochemical companies listed on the Saudi stock market achieved a jump in their revenues to reach 69.5 billion riyals, a growth of 95%, compared to revenues of 35.67 billion riyals for the same period of the previous year.
Petrochemical companies also achieved consolidated net profits during the second quarter of this year, by about 13.3 billion riyals, compared to a net loss of 3.86 billion riyals for the same quarter of last year, through 13 listed petrochemical companies.
Petrochemical companies continued to profit for the fourth consecutive quarter, after three consecutive quarters of losses from the fourth quarter of 2019 until the second quarter of 2020.