Saudi Index Records Highest Close Since August 2022

Saudi trader monitors stocks at the Saudi stock market in Riyadh (Reuters)

Saudi Arabia's benchmark Tadawul All Share Index (TASI) closed 0.1%, or 17 points, higher at 12,502 points today, Feb. 18, recording the highest close since August 2022.
Total turnover reached nearly SAR 9.2 billion.
A total of 386.39 million shares were exchanged, in which 155 companies recorded an increase in value, while 65 companies closed with a decline.
The shares of the most profitable National Agricultural Development Company (NADEC) rose by 9.97% after it announced profits of 216 percent.
It increased 18% to $80.5 million due to the growth of its revenues in the Saudi and Gulf markets.
Several economic experts attributed the rise in the Saudi market's recording to the size of the recently launched investment funds, which began selectively implementing purchases of stocks last January to support its investment portfolios.
The experts told Asharq Al-Awsat that the market reacted positively to most of the listed companies' quarterly announcements.
The financial advisor Mohammed al-Maimoni, believes the Saudi market began at the beginning of 2024 with a record rise in the index until it currently reached about 12,502 points.
Maimoni told Asharq Al-Awsat that the positive reports about the Saudi economy increased foreign investors' interest in the Saudi market.
He added that the Federal Reserve's intention to start lowering interest rates and stabilizing their prices positively impacted traders and market stability.
The expert explained another important factor that led to the increase in the Saudi market: the size of the investment funds that were recently launched as a public offering and began entering the market in late December 2023.
The funds began entering the market at the beginning of January. It subsequently made purchases of several stocks selectively and in a balanced manner for its investment portfolios, which generally contributed to the market recording these successive increases.
For his part, the CEO of Razeen Capital Company, Mohammad al-Suwaid, said that the hikes in the Saudi stock market come as a natural reaction to the quarterly results of registered companies.
Suwaid explained to Asharq Al-Awsat that there was a growth difference, with some companies witnessing a slowdown while others saw growth, several companies experienced contraction, and some others recorded good results during the past period.
The Saudi market will benefit during the coming period from the results of the state's general budget, which will witness an increase in government spending, said Suwaid, asserting that it would positively impact the financial results for listed companies, which may be reflected next April.