Saudi stocks record their biggest daily decline in 5 months

Yesterday, the Saudi stock market recorded the largest daily decline for a trading session in 5 months, as the general index closed the session at the beginning of the week to a decrease of 4.1 percent at 8,155 points, down 351 points, registering with this, with a total value of about 9.2 billion riyals ($ 245 million). .
The sharp decline in one session represents the largest since last May – the peak of the precautionary economic shutdown from the Corona pandemic – as the stock market recorded a decline of 7.4 per cent with a loss of 527 points.
The profits announced for the first time by SABIC, one of the companies influencing the general index, did not contribute to stopping the decline. However, technical analyzes indicate that the stock market exaggerated the upward stage during the last period to reach levels of 8,400 points, as it was necessary to wave A correction imposed by the reality of the growth of the general index that lasted from last June, when the index was at 6,500 points.

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