(MENAFN) On Tuesday, the Tadawul All-Share Index (TASI) stood at its highest level since January 2008 with 11,209 points.
The market index saw a steady improvement since the beginning of the year, amounting at about 2,500 points or 28.7 percent. The optimism in the market is also attributed to the increasing oil prices after the easing of global COVID-19 restrictions and OPEC+ deal.
Arab News quoted Faiz Alhomrani, a financial market analyst as saying that “The Tadawul index is benefitting today from many factors including the increase in the number of listed companies over the past 5 years and the rising investor confidence as the Kingdom is recovering from the pandemic,” adding that “The market today also benefited from the strong results of the banking and petrochemical sectors.”
The improvement in the oil prices also supported the markets as it is an indicator of raised government spending, saying, Tadawul might hit new highs around 13-14,000 points but this might take two years, the official added.
MENAFN05082021000045011369ID1102571013
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.