Foreign investors pumped more than USD1.3 billion as they sought to directly buy shares of Saudi firms listed in the local market, indicating the vitality of the Kingdom’s capital market.
The Tadawul All-Share Index (TASI) announced that the net foreign purchases through direct foreign investment reached SAR5.15 billion (USD1.37 billion).
Meanwhile, the Saudi stock index commenced the week’s trading on Sunday at around 9,000 points amid limited profit gaining operations.
SABIC 's share backed the positive coherence of the Saudi shares market on Sunday, closing at a remarkable stabilization at SAR117.80 (USD31.4) per share.
This follows the company’s announcement of obtaining all required regular approvals, including environment licenses, to establish a joint project for petrochemical industries with ExxonMobil off the Gulf coast of the United States. SABIC expects this project to have a positive impact on the unified financial lists.
Several finance houses and local and international investment firms are eyeing the volume of opportunities in the Saudi capital market, while the inclusion of the index to a number of global indices is expected to increase the interest of international investors.
The market value stabilized at SAR2.1 trillion (USD560 billion), while the recurring revenues of the market trading totaled around 20.1. These positive figures indicate the solidity of the Saudi stock market and the ability of the listed firms to achieve positive operational profits that support the attractiveness of the market trading.
In a related context, the Saudi stock exchange index of SMEs jumped around 1 percent on Sunday, in which the market index rose an estimate of 34 points. These updates coincide with 85 listed companies outcomes showing progress in their financial performance.