arab voice – The Saudi Stock Exchange, the largest in the region, lost 739 billion riyals ($ 197 billion) of its market value during the Sunday session.
This came in conjunction with the failure of the (OPEC +) coalition in agreeing to extend the agreement to reduce oil production, until after this March, as part of efforts to counter the effects resulting from the outbreak of the “Corona” virus, and leaks regarding the arrest of princes by the local authorities.
The market value of the Saudi Stock Exchange in trading Thursday, amounted to 8318.2 billion riyals (2218.1 billion dollars).
However, the market value of the stock market fell to 7579.3 billion riyals (2021.1 billion dollars) according to the closing of the Sunday session, according to a survey of Anatolia by reference to the stock exchange data.
On Sunday, the TASI stock index fell 8.32 percent to 6,846.4 points, the highest daily decline since 2008 in conjunction with the global financial crisis.
And Saudi Aramco lost 600 billion riyals (160 billion dollars) of its market value during the said session, to reach 6 trillion riyals (1.6 trillion dollars).
The company’s shares closed 9.1 percent down to 30 riyals ($ 8) below the subscription price (32 riyals) for the first time since listing last December.
And Friday, Russia rejected a new proposal of the Organization of Petroleum Exporting Countries (OPEC), on deepening and extending the agreement to cut production until the end of 2020, with a total reduction of 3.2 million barrels per day.
On Thursday, “OPEC” published a statement saying that it was agreed to reduce total production by 1.5 million barrels per day until the end of last June, but the agreement became void after a Russian refusal to deepen and extend the period of production cuts.
These developments pushed Brent prices down at the close of the Friday session, by 8.9 percent to $ 45.54 a barrel, the lowest price since June 2017.
The Saudi economy has been hit hard by Corona, as a result of declining demand for oil, which is the main source of income for the country.
On Monday, the Saudi Ministry of Health announced the registration of the first case of corona in a citizen coming from Iran via Bahrain.