The Clap
The Saudi stock exchange achieved its “third consecutive weekly gains,” as the main market index “TASI” closed Wednesday’s session with a 0.2% increase, reaching 12,634 points, marking the “highest close” since August 2022.
What
The stock market “Tadawul” recorded trades worth 8.6 billion riyals at the end of Wednesday’s session, through trading 301 million shares. Additionally, 90 shares rose out of 233 listed companies.
So What
The “TASI” index continued to rise for the 15th consecutive session on Wednesday, achieving the longest streak of increases in its history.
Some Context
An optimistic sentiment prevails in the market, alongside oil prices continuing above $80 per barrel. The support mainly came from the rise of Saudi Aramco’s share by 1% to 32 riyals, thanks to the return of gains for Brent crude. The trading value of the stock exceeded 625 million riyals, making it the highest on the market.
The stock exchange also benefited from the jump in the banking sector, with Saudi National Bank’s share rising by about 1.1%, marking its “highest close” since the beginning of February. Alinma Bank’s shares also rose by 0.6%, reaching an all-time high.
Now What
Tadawul observed a holiday on Thursday, in celebration of the Kingdom’s founding day. Trading will resume on Sunday.
