TASI weakened by fund managers, global markets: Badr Alrajhi

The weak performance of the Tadawul All Share Index (TASI) this week can be attributed to depressed buying activity among sovereign fund managers and turbulent global markets, Badr Alrajhi, a Saudi businessman and board member at Al Rajhi Bank said on Twitter.

This week, Saudi stocks were impacted by a significant decline of both Chinese and U.S. markets, as well as declining oil prices. The “inaccurate” statements of speculators also played a role in driving down market, he added.

The kingdom’s benchmark index should see a rebound, as the government is likely to expand its investments in the near future. Institutional investors have also conducted studies to reassess the market, which he sees as a “positive” sign.