March 29, 2023

Dubai Week

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The Saudi market is closing at a 15-year high by easing corona restrictions

The Saudi market is closing at a 15-year high by easing corona restrictions

The Saudi stock market’s major “TASI” index, “Tadavul”, rose 0.63% today to 74.25 points, ending at 11780.14, with a gain of 7.5 billion riyals.

Retail and tourism stocks benefited from the easing of precautionary measures in Saudi Arabia, starting today Sunday, boosting the index, which continues its highest levels since 2006.

Walid bin Qaid, a member of the Saudi Economic Association, told Al Arabia that the financial market “receives strong support from a consistent oil market and increased demand.” Up to two million barrels a day. “

Oil stability

Bin Kait added that the oil market will be more cooperative with the onset of winter, the continuation of demand and the increase in economic recovery, with announcements of a return to operations in most countries and preventive and precautionary measures against the lifting epidemic.

He expected the results of companies listed on the Saudi stock market to increase by 15% in the third quarter of this year, including that of petrochemical companies, with 9 companies generally recording 26% growth in their results. .

Among the most important sectors that see a good performance, the banking sector is at the forefront in terms of research firms’ estimates of 18% growth in the third quarter, due to the lack of increased credit arrangements, increased portfolio of lending and continued growth of home loans after a period of decline.

AndToday, Sunday, Saudi Arabia began easing health precautionsBased on the submissions made by qualified health officials, and on the promotion of community immunization and the reduction in the number of cases of corona virus infection.

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During mitigation measures, the face should not be worn in open areas, except in excluded areas, while continuing to wear in closed areas.

According to Tamar Al-Saeed, Chief Investment Officer of Mada Investment, the stocks that will benefit from the return to normalcy in Saudi Arabia are all stocks that deal directly with individuals, namely sports associations, business centers, contract firms and retailers.

The Saudi stock market is heading for record profit for the fourth year in a row, a precedent set by the fact that the market has many options and does not have the habit of collapsing with it. Saudi market in 2006.

He explained that the market for 2006 was able to cross many levels, as there was a large segment of investors who were not in the market at that time, the market combined with global indices and contributed to the existence. They make up 4% to 6% of the total market value of the passive segment of investors who are not affected by the unfair movements of the market.