Agencies _ The Saudi Stock Exchange is heading to record its eighth consecutive weekly loss, marking its longest losing streak since December 1994, as investors' risk appetite recedes due to escalating geopolitical tensions, while bank earnings failed to provide the market with a boost to reverse its downward trajectory.
TASI Index Plunges 3% to 9,815 Points
The main market index "TASI" fell by approximately 3% to 9,815 points, below last week's close, during early trading in Thursday's session, relinquishing the 10,000-point level.
Banking and Telecom Sectors Lead Losses
Banking and telecommunications led the pressure among major sectors during the week, declining by around 3.1% and 3.4%, respectively. Conversely, the energy sector rose by about 0.5%, supported by a similar gain in the share price of "Aramco".
Risks Weigh on Sentiment
The pressures on the Saudi Stock Market followed continued attacks on Saudi Arabia by the Houthi group, the latest of which occurred yesterday when an attempt to target Aramco's Shaybah field was thwarted without impacting operational activities; however, it resulted in two fatalities. Meanwhile, an attack on King Fahd International Airport in Dammam resulted in two deaths and eight injuries.
This coincided with ongoing fears of a new regional escalation after the "New York Times" quoted sources as stating that Washington and Tel Aviv were preparing plans to strike Iran following the U.S. midterm elections in November.
