Some global markets sounded the whistle of a violent correction before the start of last weekend’s holiday, and the negative effects appeared in a widespread and growing manner. Accordingly, the Saudi market was affected in most of its sectors and companies. Since the beginning of the week and in just two sessions, the market has lost more than 324 billion riyals (companies listed on the main market). The most affected and lost market value were retail and food companies, which lost 6.4%, equivalent to about 13 billion riyals of their market value. They were followed by the cement sector, then insurance and the banking sector, whose market value fell by about 48 billion riyals, or 4.9%, despite the emergence of excellent financial results for the second quarter of 2024 for all its companies.
The least affected sectors by the correction were the petroleum industry companies, which lost less than 3% of their market value, due to positive changes in the results of some of them, led by SABIC. Overall, the market lost about 456 billion during the past ten days, equivalent to 4.8% of the total market value.
| Sectors | Market value | Change from yesterday | The ratio | Change in the last two days | The ratio | Change 3 days | The ratio | Change 10 days | The ratio |
| million | million | % | million | % | million | % | million | % | |
| Banks | 928,035 | -17,896 | -1.9% | -48,165 | -4.9% | -53,654 | -5.5% | -36,441 | -3.8% |
| Petrochemicals | 6,329,817 | -88,956 | -1.4% | -179,754 | -2.8% | -201,012 | -3.1% | -309,200 | -4.7% |
| Cement | 43,202 | -1,548 | -3.5% | -2,693 | -5.9% | -2,822 | -6.1% | -4,390 | -9.2% |
| Retail and Food | 189,802 | -7,081 | -3.6% | -13,038 | -6.4% | -14,022 | -6.9% | -17,532 | -8.5% |
| Telecommunications | 236,412 | -263 | -0.1% | -7,634 | -3.1% | -9,102 | -3.7% | -11,833 | -4.8% |
| Technology | 115,613 | 1,313 | 1.1% | -117 | -0.1% | -1,370 | -1.2% | -1,713 | -1.5% |
| Insurance | 95,556 | -5,133 | -5.1% | -5,345 | -5.3% | -7,009 | -6.8% | -8,523 | -8.2% |
| The main market | 9,053.20 | -158.941 | -1.7% | -324.173 | -3.5% | -363.842 | -3.9% | -456.762 | -4.8% |
This comes at a time when global and Arab financial markets continued their sharp decline during Monday’s trading, with growing economic fears of a deteriorating labor market and the possibility of the US economy entering recession, after the emergence of an addition to growing geopolitical concerns about the situation in the Middle East.
In global markets and during trading on Monday, Japanese stocks collapsed and suffered their biggest daily loss since the Black Monday sell-off in 1987. The Nikkei index lost 12.4% after US jobs data on Friday exacerbated fears of a possible recession, and as the yen rose to its highest levels in seven months against the dollar.
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