Saudi stocks rise to the highest level in 13 years

Saudi stocks rose to the highest level since January 2008 at 11,699 points last week, and the positive performance coincided with the improvement in oil prices, touching $ 85 in Brent crude, and the market is moving at high levels before the financial results of the companies, and unless negative data appears, the market will continue to try to continue rising after Consolidating above the levels of 11,600 points, and the index opened the year last week at 11369 points, and achieved the lowest point at 11,330 points, losing 2.25%, while the highest was at 11,699 points, gaining 0.9%, and closed at it with gains of 107 points. The trading volume reached 1.1 billion shares, with a value of 41.2 billion riyals via Implementation of 2.1 million deals, and the profit of market capitalization 114.1 billion riyals to close at 10.42 trillion riyals, and 6 sectors, led by basic materials, rose by 4.21%, followed by the banking sector by 1.4%, followed by the energy sector by 0.35%, while the media and entertainment sector decreased by 5.07%, then the telecommunications sector by 2.95%, and the market has witnessed a wide series of legislative and regulatory reforms since 2014, which led to an increase in the number of companies, the enhancement of transparency and the influx of huge foreign investments estimated at 300 billion riyals, and in accordance with the legislation, Amending the trading mechanism, creating a parallel market, and allowing foreigners to own 100% of the shares, according to specific controls.

Stock market

20 IPOs expected this year

10 trillion riyals market value

6.5 million Saudi investors

10 million wallets for Saudis

114 billion riyals, market gains last week

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