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3 Firms Listed in Saudi Stock Market in 2018

The year 2019 is forecast to witness the biggest listings in the local Saudi stock market. (Getty Images)
The year 2019 is forecast to witness the biggest listings in the local Saudi stock market. (Getty Images)
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3 Firms Listed in Saudi Stock Market in 2018

The year 2019 is forecast to witness the biggest listings in the local Saudi stock market. (Getty Images)
The year 2019 is forecast to witness the biggest listings in the local Saudi stock market. (Getty Images)

The year 2019 is forecast to witness the biggest listings in the local Saudi stock market after 2018 witnessed the listing of two firms in the primary market and one in the Nomu parallel market.

Tadawul witnessed the issuance of eight sovereign funds in 2018 – the IPO of the two listed firms in the primary market witnessed operations covering up to 327 percent by individual investors.

In this regard, Tadawul witnessed in 2018 the IPO of Leejam Sports Company, representing a 30 percent stake. The National Company for Learning and Education (NCLE) issued an IPO for 30.2 percent.

In the same context, the Tadawul All-Share Index (TASI) jumped Thursday 0.5 percent, closing at 7,830 points, rising 40 points. The overall value of trading totaled around SAR1.9 billion (USD506.6 million).

Investors in the stock market are awaiting the results of financial firms in Q4 2018, which began to be released on Tuesday. The results are estimated to be close to Q3 2018 levels.

The Ministry of Commerce and Investment had previously reported that the number of companies and institutions in the Kingdom jumped 35 percent during Q3 2018, compared to the same period of 2017, to reach 945,600.

The number of enterprises reached 824,700 in 2017 compared to 701,300 in the third quarter in 2016.

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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.