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Saudi Stocks Record Best Closure in 6 Months

Saudi stocks record best closure in six months. (Reuters)
Saudi stocks record best closure in six months. (Reuters)
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Saudi Stocks Record Best Closure in 6 Months

Saudi stocks record best closure in six months. (Reuters)
Saudi stocks record best closure in six months. (Reuters)

Saudi Arabia’s Tadawul All Share rose 0.9 percent on Tuesday and closed at 8,347 points, rising 77 points. This was the highest closure in around six months amid trading value of around SAR3.2 billion (USD853.3 million).

Variable gains were witnessed among the 98 companies that are listed in the market. This reflects investor confidence in capital market trading and the listed Saudi firms’ capability to achieve better results than the positive ones reached in 2018.

In addition, the market value of Saudi stocks rose to SAR1.96 trillion (USD522.6 billion) – a figure close to the level achieved a year ago.

The shares market is among the world’s most growing markets, gaining 600 points in recent days alone.

The Saudi economy is forecast to reach more positive growth rates in 2019 compared to 2018 in line with the Kingdom’s package of economic reforms that seek to diversify the economy and bolster investment.

Listed firms are expected to announce their results for the fourth quarter of 2018 and they are projected to be better than the figures achieved in 2017.

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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.