Saudi Arabia stocks decline as losses in key sectors weigh
The Saudi Arabia stocks closed in negative territory on Sunday, as losses in the technology, telecom, and real estate sectors weighed down the market. At the close, the Tadawul All Share Index was down by 0.46%.
Etihad Atheeb Telecommunication sees strong gains, while Astra Industrial Group falters
Etihad Atheeb Telecommunication was one of the best performers of the session on the Tadawul All Share Index, with its stock price rising by 9.19%. On the other hand, Astra Industrial Group experienced a decline of 6.36%, making it the worst performer of the session.
Falling stocks outweigh advancing ones on Saudi Arabia Stock Exchange
The declining stocks outnumbered the advancing ones on the Saudi Arabia Stock Exchange, with 205 stocks falling, 75 stocks rising, and 16 stocks remaining unchanged. This indicates that the overall sentiment in the market was negative on Sunday.
Crude oil prices rise, boosting market sentiment
Crude oil prices saw a slight increase, with the March delivery up by 1.03%. This rise in oil prices boosted the market sentiment in Saudi Arabia, as the country is a major player in the global oil industry. Higher oil prices typically have a positive impact on the economy and stock market of oil-producing countries.
US Dollar Index Futures show slight uptick
The US Dollar Index Futures showed a slight uptick, rising by 0.14%. This indicates a strengthened position of the US dollar against other major currencies. The strength of the US dollar can have an impact on international trade and investment, which can, in turn, influence the performance of foreign stock markets, including Saudi Arabia.
Overall, the decline in the Saudi Arabia stock market on Sunday was mainly driven by losses in key sectors. However, the rise in crude oil prices and the slight uptick in the US dollar index may provide some support to the market in the near term.
Analyst comment
Positive: Crude oil prices rise, boosting market sentiment.
Negative: Saudi Arabia stocks decline as losses in key sectors weigh.
Neutral: Etihad Atheeb Telecommunication sees strong gains, while Astra Industrial Group falters and Falling stocks outweigh advancing ones on Saudi Arabia Stock Exchange.
As an analyst, in the near term, the market may receive some support from the rise in crude oil prices and the slight uptick in the US dollar index, but the decline in key sectors may still weigh down the Saudi Arabia stock market.
