Saudi Arabia’s Tadawul All Share Index ended flat Saturday, dipping 0.13 per cent despite a fall in the price of oil to below US$70 and other international markets ending down on Friday.
Analysts believe other regional markets will also decline this week when they reopen today as investors react to decreases in global exchanges, the oil price and begin to pull out of securities before Ramadan begins.
“Other GCC stock markets may see some declines at the beginning of the week due to the decline in international markets and also due to profit-taking before Ramadan,” said Udo Schaeberle, the head of Gulf clients at the German wealth management company BHF Bank.
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