Saudi Arabian stock market continues upward trend, boosting investor confidence
Date
3/27/2023 5:21:43 AM
(MENAFN) The Saudi Arabian stock market, Tadawul All Share Index, witnessed a positive trend on Sunday as it recorded an increase of 12.97 points or 0.93 percent, closing at 10,459.36. This promising market condition resulted in an increase in investor confidence, which further pushed the market up. The Nomu parallel market also experienced a surge, gaining 174.79 points or 0.92 percent to close at 19,231.63, while the MSCI Tadawul 30 index increased by 0.02 percent, reaching 1,423.63 on Sunday. The total trading turnover of the benchmark index was SR4.05 billion (USD1.08 billion).
This upward trend in the stock market is a good sign for investors, indicating a positive outlook for the future of the Saudi Arabian economy. Moreover, this trend is a result of several factors, including the government's efforts towards diversifying the economy, the successful implementation of Vision 2030, and the country's strategic location as a gateway to the Middle East.
During the first session of the holy month of Ramadan, the Tadawul All Share Index also experienced a gain of 95.88 points, closing at 10,446.39. The top gainer for Sunday's trading session was Arab Sea Information System Co., whose share prices went up by 9.96 percent to SR78.40. This was followed by Al Kathiri Holding Co., whose share prices surged by 9.88 percent to SR55.60. Zain KSA, which recently reported a net profit of SR550 million in 2022, also saw its shares surge by 9.83 percent to SR11.84.
However, not all companies experienced a positive trend in the market on Sunday. Thimar Development Holding Co. was the worst performer, dropping 9.95 percent to SR43.45, followed by Al Sagr Cooperative Insurance Co. whose share prices went down by 6.08 percent to SR12.66. Despite this, the overall market trend remains positive, indicating a promising future for investors in the Saudi Arabian stock market.
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