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Saudi Stock Market Value Settles at USD 482.6bn

A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015. REUTERS/Faisal Al Nasser/File Photo Reuters
A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015. REUTERS/Faisal Al Nasser/File Photo Reuters
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Saudi Stock Market Value Settles at USD 482.6bn

A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015. REUTERS/Faisal Al Nasser/File Photo Reuters
A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015. REUTERS/Faisal Al Nasser/File Photo Reuters

The market value of Saudi shares settled at SAR1.81 trillion (USD482.6 billion), with the local market preparing to list and trade shares of Leejam Sports Company starting Monday.

Market attractiveness has been reinforced by profit gaining operations witnessed by the Saudi stock market in the past days.

In this context, Tadawul announced that starting Monday (Sep. 10) Leejam Sports Company will be listed and traded – daily fluctuation rate of the share price would be 10 percent.

Saudi stock exchange concluded last week’s trading, dropping around 3.3 percent i.e. 260 points, closing at 7,688 points compared to the previous week closure at 7,948 points.

The Saudi shares market managed to retain a huge part of its gains achieved in 2018, in which the Saudi shares market index is accomplishing a positive performance of 6.5 percent during the current year.

Saudi shares index closed at 7687.76 points with a trading value of more than SAR3.7 billion (USD1 billion approximately). The total number of traded shares on Thursday exceeded 159 million shares distributed over 124,000 deals.

These developments coincide with the issuance of the 54th SAMA Annual Report that has proven the stability of the financial sector in Saudi Arabia, marking a 6.3 percent growth in the local banks' capitals and reserves in 2017.

SAMA Report reviewed the monetary and banking developments in the kingdom during 2017 in addition to the latest updates regarding the foreign sector and the oil and non-oil sectors, not to mention funding and insurance activities.

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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.