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Saudi shares reach 15-month high - ASHARQ AL-AWSAT English Archive
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Saudi national counting money in a Saudi bank (Asharq Al-Awsat)

Saudi national counting money in a Saudi bank. (Asharq Al-Awsat)

Riyadh, Asharq Al-Awsat—The Saudi shares market has passed the 7,700-point barrier for the first time in 15 months on Sunday. This follows a positive performance by all listed sectors and fluid purchasing activity in yesterday’s trading.

The volume of purchasing fluidity increased after the market index passed the 7,700-point barrier in the second hour of trading.

The Saudi financial market has performed well recently despite the geopolitical problems in the region, suggesting that the Saudi economy in general has not been affected by regional instability. This was also indicated by the government’s announcement of the largest ever annual budget this year.

The Saudi share index closed yesterday at 7,717 points, with an increase of 48 points and cash trading reaching USD 1.2 billion, and a rise in the share prices of 99 listed companies.

Financial and economic expert Faisal El-Iqab told Asharq Al-Awsat that “passing the 7,676-point barrier was an incentive to pass the 7,700-point barrier. The market must hold its gains in the next few days, and not return to closing at 7,676 points again.”

Iqab pointed out that Saudi market trading was not affected by the geopolitical situation in the Arab region, adding that “the Saudi market has proved that it was not affected by the region’s events, but it must be pointed out that the Saudi market has been having a positive influence recently on markets in the Gulf region.”

Iqab said he hoped the Saudi market would succeed during this week’s trading to settle at higher than the 7,700 level, adding that the next target was for the market to settle at 7,770 points, and then 7,800 points, while breaking the 8,000 barrier is a target expected to be achieved within two months.