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Bnreport Business News Report


Saudi stock market hits largest weekly profit in 3 months

Saudi stock market

The Saudi stock market rallied last week, after recording its largest weekly gain in three months.

The profits in the Saudi stock market came in light of a collective rise in all sectors and an increase in trading rates. The Saudi had been recording declines for three weeks.

The general market index TASI achieved during last week’s trading, an increase of about 3.78%, in the largest rise recorded by the index since mid-November 2020.

Saudi stock market

The Saudi stock market gained 325.98 points, bringing the total points to 8943.85 points. The number was at compared with 8,617.87 points during the previous week.

Indicators also showed market capital gains of 197.294 billion riyals. The total capital amounted to 9.092 trillion riyals by the end of the week, compared to 8.895 trillion riyals for the previous week.

Trading values ​​recorded an increase of 25.26% during the week, and reached 58.203 billion riyals. This is compared to 46.466 billion riyals in the previous week.

The volume of trading in last week’s transactions reached 1.386 billion shares. The number was at 1.140 billion shares in the previous week.

Green color

The green color prevailed on the indices of all Saudi stock market sectors. Banks raised by 5.49%, basic materials by 3.55%, telecommunications  by 2.58%, and real estate by 2.18%.

Al-Jouf company recorded the highest weekly gain of 36.03%. In contrast, the Allied Cooperative Insurance Group (ACIG) recorded the highest decline of 11.72%.

The Saudi Arabian Refineries Company was at the forefront of the stock activity in terms of value, with 5.090 billion riyals, and Al-Inma Bank recorded the largest quantities with 47.175 million shares.

Abundant listings

In a related context, the Saudi stock market is expected to witness another year of abundant listings. Large initial public offerings are being prepared at a time when investors are looking to allocate heaps of cash that have accumulated during the Coronavirus pandemic.

A record $29.4 billion listing of oil giant Aramco in late 2019 shone the spotlight on the stock market. As a result, the kingdom generated $1.45 billion in initial public offerings last year despite the economic fallout.

Meanwhile, according to central bank data, total deposits in commercial banks in the Kingdom increased from about 1.8 trillion riyals in 2019 to 1.94 trillion riyals in December 2020.

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