{"id":90281,"date":"2024-10-07T00:00:00","date_gmt":"2024-10-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/07\/regional-tensions-weigh-on-saudi-stock-market\/"},"modified":"2024-10-07T00:00:00","modified_gmt":"2024-10-07T00:00:00","slug":"regional-tensions-weigh-on-saudi-stock-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/07\/regional-tensions-weigh-on-saudi-stock-market\/","title":{"rendered":"Regional tensions weigh on Saudi stock market"},"content":{"rendered":"

It\u2019s another busy day for Saudi Arabia in the foreign press<\/strong>, with commentary on Saudi equity performance, the resumption of work on Jeddah Tower, and the Kingdom\u2019s economic diversification plans. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

TASI starts off 4Q on a low note:<\/strong> The Tadawul all-share index (TASI) fell 3.7% in the first four days of 4Q 2024, wiping out all of the index\u2019s YTD gains and marking \u201cits worst fourth-quarter start in years,\u201d Bloomberg<\/a> reports. The decline, which comes as regional tensions draw close to a crescendo, is expected to continue in the short-term, with head of sell-side research at Aljazira Capital, Jassim Al Jubran. The Saudi equity market\u2019s performance will be affected by the trajectory of the conflict, particularly if Saudi\u2019s neighbors begin engaging in direct military conflict. Strategists at HSBC Holdings downgraded Saudi Arabian equities to neutral from overweight, pointing to short-term concerns due to the geopolitical tensions and lower oil prices. <\/p>\n

Where does oil factor in?<\/strong> Despite oil prices placing pressure on the national budget and diversification plans, crude would have to hover below USD 69 \/ bbl to impact equity markets, the business information service quotes Sedco Capital\u2019s acting CEO Abdulwahhab Abed as saying.<\/p>\n

\n

\n

MEANWHILE- The <\/strong>Financial Times<\/a><\/strong> looks at Prince Alwaleed bin Talal\u2019s plans to <\/strong>resume<\/a><\/strong>construction on the Jeddah Tower<\/a><\/strong>, which is set to become the world\u2019s tallest skyscraper when completed in 2028. <\/p>\n

AND- CNN journalist Fareed Zakaria sang the praises of Saudi Arabia on Arab News\u2019<\/strong> show <\/strong>Frankly Speaking<\/a><\/strong>, lauding the positive changes taking hold in the Kingdom (watch, runtime: 32:05<\/a>). \u201cThere are areas where [Saudi Arabia] is moving very fast; there are areas where it is still being somewhat restrained. I am impressed that they are trying to strike a balance, that they are trying to push some things forward and modernize in some areas.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Equity market + Alwaleed bin Talal + Fareed Zakaria\u2019s take on the ongoing progress in Saudi Arabia<\/p>\n","protected":false},"author":1,"featured_media":90282,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2561],"tags":[3218,2419,10,3208,159,229],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-saudi-in-the-news","tag-alwaleed-bin-talal","tag-capital-markets","tag-enterpriseam-ksa","tag-jeddah-economic-tower","tag-oil-watch","tag-saudi-in-the-news","wpautop","entry"],"acf":{"mongo_id":"fd137dc9-240d-44fc-a6de-c872f57cd64a","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/129.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Regional tensions weigh on Saudi stock market","related_issue":[90266],"teaser":"Equity market + Alwaleed bin Talal + Fareed Zakaria\u2019s take on the ongoing progress in Saudi Arabia","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.039b05c6-a710-433c-ba3e-fcf17fcc3f48.mp3"},"yoast_head":"\nRegional tensions weigh on Saudi stock market - 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