The Saudi stock market index has risen above the 12,000-point level, thanks to strong earnings from listed companies and global market declines. Analysts believe the index will keep climbing in the coming sessions.
On Monday, the market closed up 0.4% at 12,023 points, with trading volume around SAR 8 billion.
This is the fifth consecutive day of gains, driven by broad sector increases. Total trading was 346 million shares, with 142 companies seeing price increases and 81 companies experiencing declines.
Leading gainers included Buruj Insurance, Red Sea, Al-Bahah, and Saudi Re.
Financial analyst Mohamed Al-Saghir told Asharq Al-Awsat that the 12,000-point level is a key psychological milestone for investors.
He pointed out that the crucial level to watch is 11,954 points, which is a previous peak and support zone. The market’s stability at this level is important for avoiding recent downturns.
Al-Saghir also noted that the strong financial results from companies this year have been surprising and helped the market bounce back to 12,000 points.
He expects the index to reach new highs, potentially exceeding 13,949 points, reflecting overall economic growth in Saudi Arabia.
Also speaking to Asharq Al-Awsat, analyst Obaid Al-Muqati attributed the market’s rise to declines in global markets, including the Nikkei 225 and US indices, which led investors to turn to Saudi stocks.
He also pointed out that strong earnings across sectors, including a dividend from Saudi Aramco and high profitability in banking, are boosting the market.
Al-Muqati expects the market to continue rising, drawing investor interest amid Saudi Arabia’s economic development and Vision 2030 goals.
Saudi Market Reclaims 12,000-Point Level
![The Saudi benchmark index ended Monday’s session, closing at 12,023 points, 42 points higher than the previous day’s close, with total trading valued at about $2.13bln](https://static.srpcdigital.com/styles/1037xauto/public/2024-08/755303_0.jpeg)
The Saudi benchmark index ended Monday’s session, closing at 12,023 points, 42 points higher than the previous day’s close, with total trading valued at about $2.13bln
Saudi Market Reclaims 12,000-Point Level
![The Saudi benchmark index ended Monday’s session, closing at 12,023 points, 42 points higher than the previous day’s close, with total trading valued at about $2.13bln](https://static.srpcdigital.com/styles/1037xauto/public/2024-08/755303_0.jpeg)
The Saudi benchmark index ended Monday’s session, closing at 12,023 points, 42 points higher than the previous day’s close, with total trading valued at about $2.13bln
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