Saudi stock market records highest closing since July 2006

Saudi stock market records highest closing since July 2006.

RIYADH, TGO: The Tadawul All Share Index (TASI), Saudi Arabia’s main stock market indicator, increased by 0.67%, or 84 points, to reach 12,674 on Tuesday, rising for the third consecutive session marking the highest close since July 2006.

During Tuesday’s trading Brent crude futures for May rose by 5.4% to $103.3 per barrel, while US NYMEX crude futures for April increased by up to 4.3% or $99.9 per barrel.

Share prices of the Medical Equipment House rose 16.57% on the second day of trading, while SABIC Agri-Nutrients ranked second with 7.41%, Petrochem by 6.44%, Amana Insurance by 4.38%, and Bupa Arabia by 3.95%.

SABB Takaful, Tihama, Saudi Cables, Saudi Research and Media Group and Gas came with the lowest rates ranging from 4.87% to 3.26%.

The stocks of Dar Al-Arkan, Saudi Kayan Petrochemical, Alinma, Saudi Group and Aramco were the most active in terms of quantity.

Al-Rajhi stocks topped the trading in terms of value with SR896 million, followed by SABIC with an estimated SR882.94 million and Equipment House with SR764.59 million.

The amount of trading in the Saudi market exceeded SR266.76 million, with a value of SR12.2 billion at the close of trading on Tuesday.

Stocks of 85 companies recorded an increase in their value, while 114 stocks decreased out of 212 companies listed in the market.

The Saudi stock market is benefiting from the continuous rise in the oil prices, but there is a potential of disturbance in the energy markets since the start of the Russian invasion of Ukraine, and the continued announcements of new sanctions against Moscow by countries around the world.