The Saudi stock market closed down 2.7%… and the index was at 11,171 points

The main Saudi stock market index “TASI” incurred strong losses for the second day in a row at the close, falling by 2.74% to the level of 11,171 points.

The value of trading at the end of today’s session reached 7.1 billion riyals, with trading volumes of 206 million shares.

Monday’s losses come after declines yesterday, which amounted to 1.92%, in conjunction with the decline in oil prices, and regional tensions.

Oil prices fell by about 3% below $ 80 a barrel, on Friday, as a new increase in Corona (Covid-19) cases in Europe threatened to slow the pace of economic recovery, while investors are studying the possibilities of moving the major world economies to withdraw from their strategic stocks of crude, to calm prices energy.

In a related context, the Saudi Tadawul market witnessed, today, Monday, the listing and start of trading the shares of Al-Nayifat Finance Company in the main market.

The shares of Nayifat Finance Company rose, violating the trend of the Saudi stock market, which deepened its losses for the second day, with the continued weak performance of oil prices.

Nayifat share gains

The stock achieved a gain of 3.86% at a price of 35.25 riyals, and recorded the highest value and trading volume of about 1.4 billion riyals, and 40 million shares.

The daily price fluctuation limits for the “Al-Nayifat” share will be 30%, up and down, during the first 3 days of listing.

was Subscription of Nayifat shares At 34 riyals per share, which means the company’s listing with a market value of 3.4 billion riyals, and the offering percentage constituted 35% of the company’s capital.

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The period of subscription by individual investors began after the completion of the book building process for institutions on October 28, 2021, and the total value of institutional subscription reached 162 billion riyals, with a coverage rate that exceeded the target by 136 times.

Coverage was distributed to Saudi companies and includes listed companies, private companies, insurance companies and financial market institutions with a coverage rate of 92 times, public funds, private funds and funds managed by financial market institutions with a coverage rate of 37 times, and non-Saudi investors, including investors in the Gulf Cooperation Council countries and investors Qualified foreigners and investors through swap agreements with a coverage ratio of 5 times, and government institutions twice.

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