Saudi Stock Exchange records weekly losses, nears correction end

Riyadh -  The Saudi Stock Exchange (Tadawul) saw a negative performance in the second week of September, on the back of most of the market sectors.

The Tadawul All Shares Index (TASI) declined by 1.3%, or 97.11 points, to the level of 7,590.65 points.

The market capital went down by around 1%, or SAR 17.82 billion, to SAR 1.807 trillion.

TASI was affected by the US dollar performance, as well as fluctuations in emerging markets, analyst Saud Abdulaziz Al-Matir told Mubasher, adding that the market is nearing the bottom of the correction wave, and that the upcoming week will see a strong rebound and higher liquidity levels.

Concerning the market sectors performance, 16 indexes closed in red, with consumer services dropping 4.1%, followed by food retail with 3.5%, and transportation with 3.4%.

As for the biggest three sectors, banks and materials both fell 1.4% and 1.3%, respectively, while telecom rose 1.4%.

Traded values dropped 24.7% to SAR 10.84 billion, with volumes decreasing by 24.1% to 474.95 million shares.