The founder and partner in Seventy Investments, Abdulaziz Al-Saif, said that the performance of the Saudi stock market during 2022 was good despite its decline, compared to global markets that fell at a higher rate.
Al-Saif added, in an interview with Al-Arabiya, that the decline in the Saudi stock market came due to high interest rates, which reduce liquidity in the market, and provide different options for investors, such as deposits with good returns, and investing in bonds and sukuk.
Saudi stocks begin the first sessions of 2023 with gains… and the index is above 10,540 points
He pointed out that the year 2023 is witnessing good profitability repeats for the Saudi stock market in general.
He explained that the trend of corporate profitability in the Saudi market is the main point, expecting a lack of growth and stability in corporate profits, adding that some sectors will record an increase in their profits, while other sectors will record a decline.
Al-Saif stated that there are good sectors for investment in the Saudi market, including banking stocks, building and construction, cement, in addition to the telecommunications sector.
He stated that the petrochemical sector is good in the medium term, expecting that there will be a good opportunity in the sector by the end of 2023.
He revealed that there are also good investment opportunities in sukuk and bonds amid the currently attractive interest levels.
The Saudi stock market started trading at the beginning of the new year 2023 with gains in today’s Sunday session, as the index rose by 0.65%, benefiting from the gains in oil prices at the end of last week.
At the end of trading today, Sunday, the TASI index added about 68 points at the level of 10546 points, with transactions worth 2.25 billion riyals, and a volume of 77 million shares.
The shares of 178 companies recorded an increase in their price, while the share prices of 31 companies out of a total of 223 companies declined.