Abdullah Al-Hamid, head of advisory at GIB Capital Abdullah Al-Hamid, said that the Saudi stock market was affected more than the global markets after the emergence of the Corona virus Omicron mutant, as a result of individual investors controlling trading operations, and this was evident at the beginning of the early trading session of today’s session, Sunday.
In an interview with Al Arabiya Net, Al-Hamid added that all dealers in the Saudi market tend to sell regardless of any developments.
Al-Hamid said that oil prices fell significantly on Friday, but previous experience in dealing with OPEC + in dealing with oil price declines confirms that there are many tools to be used in Price stimulus process.
He continued: We are facing a new variant of the Corona virus, and until today, the extent of its seriousness and the extent of its spread has not been proven scientifically, but individuals preferred to make profits, especially that the Saudi market exceeded Its rise is 30% since the beginning of the year until last week.
He revealed that the percentage of individuals trading in the Saudi market is still high and exceeds 50% of the daily trading, so it is expected that there will be sharp fluctuations.
He explained that the US market fell by 2.5% in the last sessions of the week, while the impact on the Saudi market is supposed to be relatively less, but the main index decreased by nearly 5 %.
He expected the market to experience a period of one week to 10 days of volatility, stressing at the same time that market fundamentals remain good.
