Saudi news

The Saudi stock market index closes at 10,536 points

The main Saudi stock index closed today, up 5.08 points, to close at the level of 10536.91 points, with a turnover of 2.99 billion riyals, after China closed the curtain on the zero Covid policy and reopened the borders, which reinforced expectations of a recovery in demand in the second largest economy in the world.

The fluctuations in oil prices cast a shadow over the performance of the Saudi stock market.

At the end of last week’s trading, both Brent and West Texas Intermediate fell by more than 8%, which is their largest weekly decline at the beginning of a year since 2016. Brent crude settled at $78.57 a barrel, and West Texas Intermediate crude recorded $73.77 a barrel.

The amount of shares traded reached 109 million shares, shared by more than 250 thousand deals, in which the shares of 134 companies recorded an increase in their value, while the shares of 69 companies closed in decline.

The shares of: Atheeb Communications, Raydan, Al Kathiri, Amiantit, and Al-Hammadi were the highest gainers, while the shares of: Al-Inmaa Tokyo M, SABB, SADAFCO, ATAA, and MADANIA were the lowest in trading, as the rates of rise and fall ranged between 9.93% and 2.08%. , according to SPA.

While the shares of companies: Americana, Jabal Omar, Luberef, Petro Rabigh, and Shams were the most active in terms of quantity, and the shares of companies: Luprev, Al-Rajhi, Atheeb Telecom, Maaden, and Americana were the most active in value.

The Saudi parallel stock index (growth) closed today, Thursday, a low of 100.30 points, to close at the level of 19204.43 points, with a value of 14 million riyals, and the amount of shares in circulation reached more than 300 thousand shares shared by 1593 transactions.

The Saudi stock market index ended last Thursday’s session, without change, closing at 10,532 points, with transactions with a total value of about 3.7 billion riyals.

For his part, Abdullah Al-Hamid, head of advice at GIB Capital, said that the decline in the Saudi stock market index by 7% during 2022 is considered a good performance compared to the performance of the rest of the world markets.

Abdullah Al-Hamid added, in an interview with Al-Arabiya, today, Sunday, that the market, from today until the end of next February, will not witness annual results for most companies that have a deadline of 3 months, and the market will price what is happening at the global level, while the interest rate hike did not reach Fast and frequent, to the full required date.

Al-Hamid explained that the Saudi market has become more linked to oil prices, which fell last week by 8%, amid expectations of a recession in the global economy affecting prices, which, despite their decline, are at good levels.

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