|12-08-2014, 12:07 PM||#1|
Saudi stock market weighed down by oil prices
Saudi Arabia’s stock market fell on Monday early trade, brought down once again by petrochemicals after a new decline in oil prices.
The Tadawul All Share Index, Saudi Arabia’s benchmark, fell 0.17%, with Saudi Basic Industries and Al Rajhi the main drags, falling 0.6% and 0.8% respectively.
Yanbu National Petrochemical Co. (Yansab) fell 1.3%, Saudi International Petrochemical Co fell 2.0%, and Rabigh Refining and Petrochemical fell 1.4%.
Jabal Omar (JOMAR) saw some notable buying pressure shortly after the opening, rising 3.41%.
Utility companies Electrical Industries and Saudi Electricity gained 10% and 0.7% respectively.
Brent crude oil traded below $68 per barrel on Monday, after a cut in price forecasts by Morgan Stanley that cited oversupply next year.
Lower oil prices should continue to weigh on Gulf petrochemicals in the coming period, as cheaper oil erodes their margins.
Overall, the stock market is expected to regain composure when it opens to foreign investment early next year. Also, the kingdom’s massive oil-driven reserves could offset the decline in oil when looking at government spending.
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