TASI Overcome Fears, Hit 13-Yearlong Highest Level

Fears against the backdrop of oil prices slump as well as global spread of the Coronavirus pandemic variant Delta, have caused a sharp decrease of the Saudi stock exchange main index “TASI”, in the second half of last month of August, “Maaal” reported, citing a recently released “Jadwa” roundup.

Notwithstanding, the index has managed to recover, ending the month rising 3 per cent, on a monthly basis, posting its highest level, in 13-yearlong time. The exchange monthly performance was, in general, consistent with almost all main regional and world indices.

Meanwhile, the net purchasing of swap agreements and entitled foreign investors rose to about SR2.4 billion, during August.

On the other hand, the Kingdom of Saudi Arabia’s oil production level rose 6 per cent, on a monthly basis, in July, reaching 9.5 million b/d, in a highest announced output level, since May 2020.

However, the latest data at avail from June 2021, indicated the rising of crude oil as well as derivatives to their peaks, in 5-month, as they stood at 7.3 million b/d.

Similarly, the same data pointed to a rise in crude oil utilized to generate power, in its highest level, in 4 years.

For its part, the Non-oil Purchasing Managers’ Index (PMI) slightly slipped on a monthly basis in July to 55.8 points, due to the slow pace of production expansion and new orders.

Cement sales as well as production slumped, in July, at 19 per cent and 24 per cent, respectively, on an annual basis.

The overall consumers’ spending rose, in July, as the sales points’ transactions rose 23.3 per cent, on an annual basis.

But, the cash drawings fell 16.3 per cent, on an annual basis, too.

While on a monthly basis comparison, the overall consumer spending rose 2.3 per cent, as cash drawings, sales points and e-commerce transactions, collectively rose, on a monthly basis.