|12-13-2014, 12:05 PM||#1|
Sharp selloff in Saudi market alongside crude drop
Saudi Arabia’s Tadawul All Share Index was subjected to a sharp wave of decline that affected the majority of stocks on Thursday, recording a drop for the fifth consecutive session as crude continues the free fall.
Saudi Arabia’s Tadawul retreated 2.49% today consolidating around 8201.96, recording its lowest levels in more than a year, with trading value of 1.8 billion Saudi riyals at 08:50 GMT.
The decline in Saudi Arabia’s Tadawul came following the drop in oil prices to the lowest in five years.
Crude oil continues the free fall following the Organization of the Petroleum Exporting Countries (OPEC) projected weaker crude demand in 2015 to match the lowest in 12 years. WTI crude oil edged lower (January delivery) on Wednesday to critical levels at $60.40 a barrel, while holding steady on Thursday around $61.38 a barrel.
Saudi Arabia’s Tadawul All Share Index was also affected by the sharp drop in US stocks on Wednesday, where the Dow Jones Industrial Average ended lower by 1.51%, NASDAQ and S&P slipped 1.73% and 1.64% respectively.
The petrochemical sector led the drop, down by 2.85% on Thursday. Saudi Arabia’s Tadawul All Share Index is expected to close lower due to the negative sentiment surrounding the outlook for oil and the impact on the economy.
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