The Saudi stock market, the largest bourse in the Arab
world, began trading on Monday with a significant drop of more than 400 points,
reaching its lowest level of the day at 10,657 points, before recouping these
losses to close in green. The market fell more than 800 points on Sunday.
Monday's upward trend in the Saudi market contrasts with
global financial markets, which witnessed significant declines on the day. This
was in addition to the third consecutive day of declines in oil prices, due to
fears of a global trade war and an economic recession following US tariffs and
Chinese counter-tariffs.
Saudi Aramco shares rose one percent to SR25.25 on Monday
after suffering huge losses a day ago when its market value fell by more than
SR340 billion.
National Education shares topped Monday's gains, rising 9%
while ACWA Power shares rose 7% to and Al-Tawuniya shares rose 5% to, following
the company's announcement of cash dividends to shareholders. CATRION, Sulaiman
Al Habib, Mobily, Yamama Cement, Aldrees, Advanced, and Qassim Cement gained 3%
to 6%.
In contrast, SABIC shares fell one percent and BATIC led the
declines falling 10 percent.
Other Gulf stock markets also pared the heavy losses they
incurred at the start of trading on Monday. The Dubai Financial Market lost
152.46 points at the close, recording a decline of 3.08%. FTSE Abu Dhabi
General Index fell 2.59%. The Dubai Financial Market index fell by about 6% in
morning trading, bringing its losses to nearly 10% in three trading sessions
and 15% since February.
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