Saudi Arabia’s shares have proven to be very uncertain over the last week and the Tadawul All-Share Index (TASI) fell by just under .40% and analysts say that this was largely as a result of the banking and petrochemical sectors. Many are hopeful that this is only short lived and matters will soon improve when the results for the first quarter are made known later today.
It is predicted that both the petrochemical and telecom sectors will perform well over the coming weeks as the price of oil and its subsidiary products is forecasted to continue to improve.
This week increases were recorded in four sectors and these were Media and Publishing, Telecom and IT, Agriculture and Food and the Insurance sector. However there were eleven other sectors that performed poorly and these included a fall of just below 1% in the Cement and Real Estate industries and a decrease of over 6% in Energy and Utilities.
Shares in many banks were also down including the Al-Rajhi Bank whose shares fell by over 2.5%, the Bank AlJazira were down by almost 4%, the Alinma Bank by .78%, the Arab National Bank by .88% and the Banque Saudi Fransi were down .64% this week.
All in all it was a mediocre to dismal week but it is hoped this just a temporary situation that will soon be rectified when the results of the first quarter are revealed today.Paul Holdsworth, Staff Writer, Gulf Jobs Market News