After strong gains, Saudi stocks are close to entering a “bullish market”

The Saudi stock market index rose to its levels since October 2022, with gains of about 18% recorded since reaching the bottom last March.

The index reduced its gains during Tuesday’s session, and at closing turned to a marginal decline of 0.1% to reach 11768.7 points, and the value of trading amounted to about 8.1 billion riyals after trading about 326.49 million shares.

The Saudi market is close to entering a bull market if the gains exceed 20%.

Hamad Al-Olayan, a financial market analyst, said that the financial markets have passed the stage of concerns about inflation figures that have raised concerns over the past six months, along with the exaggeratedly high interest rate.

Olayan added, in an interview with Al-Arabiya, that the Saudi market is on the verge of further growth with the support of several factors, because there are many factors, the most important of which are the good oil price movements and the recording of jumps from levels of $70 to $80 per barrel during the past month and a half.

He pointed out that the market is awaiting the announcement of strong results for the leading companies for the second quarter, especially the results of the banking sector and petrochemical companies.

(Tawuniya – Resources – Medgulf Insurance – Al-Ahly – Al-Enma) topped the list of stocks that rose the most in today’s session.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top