The Saudi stock market rose, in trading on Sunday, after falling for two consecutive sessions, to respond to the increase in oil prices and exceeded the level of $ 120 a barrel.
Oil recorded its sixth weekly gain, after the highly anticipated OPEC + meeting achieved a modest increase in production, continuing concerns about widening supply deficit levels in the markets.
West Texas Intermediate crude rose to settle above $118, achieving a weekly gain of 3.3%, while Brent crude ended Friday’s trading at $121.35, with gains of $3.74, or 3.18%.
The main market index “TASI” rose by 0.40%, or 51 points, at the close, to reach 12,656 points.
The value of trading reached about 4.9 billion riyals, through trading about 138.08 million shares.
The prices of 104 shares increased against a decrease of 89 of the total shares of 214 listed companies.
The rises were led by Anaam Holding share, increasing by 10% at a price of 35.2 riyals, followed by the share of Al-Sharqiya Development by 7.18% at a price of 85.10 riyals.
The “Amanah Insurance” share recorded the largest decline, amounting to 5.95%, at a price of 17.7 riyals, followed by the “Printing and Packaging” share, which declined by 3.89% at a price of 17.78 riyals.
Al-Rajhi Bank topped the most active shares with a value of 355 million riyals, followed by STC shares with a value of 344 million riyals, then Ma’aden with a value of 318 million riyals.
While Dar Al-Arkan share topped the shares in terms of traded volumes of about 18.9 million shares, then Kayan 6.7 million shares, and in the third place came Emaar share with about 5.8 million shares.
In an interview with Al-Arabiya, Alaa Al Ibrahim, head of the capital market funds sector at Alawwal Capital, said that the Saudi stock market had achieved a positive performance compared to global markets, and then tended to decline dramatically during the past weeks.
Ibrahim added that there are several factors that affect the performance of the Saudi market, most notably the improvement of the kingdom’s budget thanks to the rise in oil prices.
Ibrahim explained that what serves the market during the next stage is to issue signals regarding reducing the pace of raising interest rates, in addition to decreasing geopolitical tensions, adding, “If these changes occur, the Saudi market may complete the journey of its rise that it started last year.”
He expected the market to continue in a sideways trend if the current conditions in the investment climate continued as they were, until the picture became clear to investors.