The Saudi stock market index rose at closing 1.66%, compensating for most of the losses suffered yesterday (1.7%) due to concern about the spread of a new strain of Corona virus in Britain, and the closure of the region’s airports for a week in anticipation of this viral development.
The Saudi index rose by 141.77 points to close at 8680.45 points, with trades amounting to 10.8 billion riyals, while the number of traded shares reached more than 345 million shares, shared by more than 400,000 deals in which the shares of 194 companies recorded an increase in their value, while the shares of two companies closed lower. .
The shares of the companies: Al Hokair Group, Anaam Holding, Saudi Re-Saudi, Wafra, and Baazim were the highest gainers. As for the shares of my companies: Abdullah Al-Othaim Markets and SADAFCO, they were the lowest in trading, as the rise and fall rates ranged between 10.00% and 1.27%.
While the shares of the companies: Malath Insurance, Dar Al Arkan, Kayan Saudi Arabia, Saudi Re-Saudi, and Zain Saudi Arabia were the most active in quantity, and the shares of: Refineries Companies, Anaam Holding, Bazim, Malath Insurance, and Al Fukharia were the most active in value.
The parallel Saudi stock index (Nomu) also closed today, up 1034.00 points, to close at 21698.23 points, with trades amounting to 43 million riyals, and the number of traded shares reached 410,000 shares shared by 1073 deals.
STC’s shares stabilized at Tuesday’s session, after the Saudi Competition Authority announced on Monday that the company would be fined 10 million riyals for “misusing the dominant position.” Aramco shares rose 0.57% to 35 riyals a share.
In turn, the director of the Zad Center for Consulting, Hussein Al-Raqeeb, said in an interview with Al-Arabiya that the new strain that emerged from the virus will affect very important sectors as a result of the closure, such as the sectors of tourism, hospitality, Umrah services, and travel services, expecting that with these closures, this suffering will continue. .
The effects of the closure may be less in the second quarter of 2021, but according to the watchdog, it is certain that the first quarter of next year will be clear on the global economy.
The watchdog also expected that the Saudi Central Bank “SAMA” will end the postponement of payments for small and medium-sized companies by the end of the first quarter, and banks will face some kind of challenges during the second quarter of next year, affecting their profitability during the first half of 2021.
The Dubai Financial Index rose 0.81% to 2,480 points at the close, while the Abu Dhabi market index ended the session, up 0.72% to 5109 points.
At the Kuwait Stock Exchange level, Amr Sarhan, deputy head of investment portfolios at the National Investments Company, suggested in an interview with Al Arabiya that the decline in the Kuwaiti market on Tuesday was a natural result of the market’s interaction with negative news in global markets, in addition to the decision to close airports in Kuwait.
Sarhan considered that the stock market decline is normal, and there is a consolidation of some stocks, expecting that “the new Corona strain will not negatively affect the markets in the future.”
The Kuwait Stock Exchange closed its dealings with a decline of 29.6 points in the general market index, reaching a level of R 5558 points, a decrease of 0.53%.
The MSM Index (30) closed today at 3603 points, up 0.1 points, while the Bahrain General Index closed today at 1,492.89 points, an increase of 0.05 points from the previous closing rate.
The Bahrain Islamic Index closed at 653.47 points, an increase of 3.76 points from its previous closing rate.
In turn, Tariq Al-Rifai, CEO of Corum Center for Strategic Studies, said in an interview with Al-Arabiya that commodity markets are more sensitive than stocks when it comes to the new strain of Corona.
Dozens of countries have banned travel by flights and train trips to the United Kingdom, due to the emergence of a new strain of Corona virus, which is believed to be 70% more contagious.
At the level of Arab countries, Saudi Arabia suspended various air and land travel for a week, while Kuwait suspended commercial flights, and closed the land and sea ports as a precaution.
The Sultanate of Oman decided to prevent entry and exit from all ports for a week, while Tunisia suspended flights from Britain, Australia and South Africa, while Algeria banned any evacuation of its citizens from Britain, and Jordan suspended flights coming from Britain for a period of two weeks.
Abu Dhabi-based Etihad Airways said it is asking for reservations valid until December 24, for all travelers from the United Kingdom, to submit a medical examination result confirming that they are not infected with the Coronavirus, and its validity extends to seventy-two hours at most before their departure time. In turn, Sudan announced the closure of Khartoum Airport for 15 days for flights coming from the Netherlands, Britain and South Africa.