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  • 05-01-23

    Saudi share market ends Wednesday 129 points lower as oil rates add pressures

    (MENAFN) Saudi Arabia’s Tadawul All Share Index broken its three-day surge by dropping 129.04 points — or 1.21 percent — on Wednesday to end standing at 10,516.90, burdened by the worries of a massive decrease in crude oil costs and lasting request worries.

    Brent LCOc1 futures dropped 2.3 percent or USD1.88 to reach USD80.22 per barrel by 1:32 PM local time, even as US crude CLc1 fell 2.2 percent or USD1.68 to stand at USD75.25 a barrel.

    The main index reached an amount of 10,697.71 at 11:33 AM but lost its earnings later in the day.

    “Oil prices came under some selling pressure due to demand concerns and the rising cases of COVID-19 in China. It is expected that the wave of fluctuations in the markets will continue in the coming period with continued caution until awaiting economic data from major countries indicate the overall economic picture,” Raed Mohamed Diab, vice leader of investment strategy and research of Kuwait-located Kamco Invest, informed Arab News.

    MENAFN05012023000045014228ID1105386942

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