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  • 16-01-23

    Saudi main index closes Sunday losing Thursday’s gains, decreasing 0.16 percent

    (MENAFN) Saudi shares decreased on Sunday as the main index ended 17 points down— or 0.16 percent — standing at 10,726.87, without any positive aspects on the horizon in advance of the gaining season.

    At 10:58 AM, the Tadawul All Share Index reached 10,808.05; from there, it was a surprising decreasing trend.

    The index could not even maintain Thursday’s drive when it ended with 1.27 percent increases, after regaining oil costs and encouraging US inflation figures, resulting in a drop of confidence.

    “At the end of last week, the US markets received some support after the decline in inflation levels and optimism about the Federal Reserve slowing down interest rate hikes, while oil prices rose in light of expectations that demand from China would rise after easing down restrictions related to COVID-19,” Raed Mohamed Diab, vice leader of investment plan and research of Kuwait-located Kamco Invest, informed Arab News.

    He continued: “Despite that, the Saudi market stabilized at the same levels as last week, as it seems that there is some caution regarding the investment climate and waiting for brighter signs.”

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