Sharp turn down in Saudi market alongside crude drop . . . . . . . . . . . . Saudi Arabia’s Tadawul All Share Index was subjected to a sharp wave of decline that affected the majority of stocks on Thursday, recording a drop for the fifth consecutive session after the continued fall down in oil prices. Saudi Arabia’s Tadawul retreated 2.49% today consolidating around 8201.96, recording its lowest levels in more than a year, with a trade value amounted to 1.8 billion Saudi riyal at 08:50 GMT. The decline in Saudi Arabia’s Tadawul came following the drop in oil prices to its lowest level in five years. The low oil prices came after the Organization of the Petroleum Exporting Countries (OPEC) reduced its estimate for crude demand in 2015 to its lowest in 12 years, as crude oil edged lower (January delivery) on Wednesday to critical level $60.40 a barrel, while holding steady on Thursday around $61.38 a barrel. Saudi Arabia’s Tadawul All Share Index was also affected by the sharp fall of US stocks on Wednesday, where Dow Jones Industrial Average dips 1.51%, NASDAQ and S&P slipped 1.73% and 1.64% consecutively. The index’s sectors led by the petrochemical sector fell by 2.85% on Thursday, caused by the sharp drop of oil prices. Saudi Arabia’s Tadawul All Share Index is expected to close to the downside due to the Saudi investors’ sentiment of the weak oil prices, which will lead to short selling. #egyptyard
Posted on: Thu, 11 Dec 2014 11:59:35 +0000
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