The Saudi stock market rose at the close of trading today, Sunday, and showed consolidation above the level of 10,700 points, amid the rise in oil prices.
Oil prices rose by about 1% at the settlement, in the last sessions of last week, and recorded gains for the second week in a row, supported by optimistic economic prospects for China, which reinforced expectations of increasing demand in the second largest economy in the world.
Brent crude rose $1.47, or 1.7%, at settlement, to 87.63 dollars a barrel. US crude prices increased by 98 cents, or 1.2%, to settle at $81.31 a barrel. Brent crude recorded gains of 2.8% during the week, and the US benchmark rose 1.8%.
The TASI index rose 0.4%, or 42.6 points, at 10724.62 points, with transactions worth 3.09 billion riyals.
The volume of traded shares amounted to 98.2 million shares, in which the shares of 140 companies recorded an increase in their value, while the shares of 64 companies out of a total of 223 companies declined.
The shares of Hail Cement, Advanced, Saudi German, Al-Hammadi, and East Pipes companies were the highest, with rates ranging between 6.51% and 3.70%. It ranged between 2.69% and 1.61%.
While the shares of companies: Al-Jazira, Americana, Aramco, Shams, Petro Rabigh, were the most active in terms of quantity, and the shares of companies: Luprev, Aramco, Al-Rajhi, Al-Jazira, Marafiq were the most active in value.
Hesham Abu Jamea, Chief Executive Officer of Mekial Financial Technologies, said that despite the strong global fluctuations, if the Saudi market moved in a horizontal range, it would be positive.
Abu Jameh said in an interview with Al-Arabiya that the Saudi ministers spoke during their participation in the Davos Forum about the strong economic situation of the Kingdom, and it also supported oil prices, which reached $87 a barrel last week.
He pointed out that these factors supported the Saudi stock market, despite the external obstacles that appeared in China, such as an economic slowdown, in addition to the impact of the war in Europe.
