Saudi Stock Exchange index closed last week at a level below 8,000 by 79 points, amid expectations that fiscal firms outcomes for Q3 would play an influential role in the performance of the index in the coming five weeks.
Saudi firms started revealing Q3 results last Tuesday, in a duration that lasts till Nov. 11.
This coincides with a time when foreign investment purchases reached a value of SAR18.3 billion (USD4.89 billion) last month – this value represents 28.3 percent of total purchases.
This way, foreign investment ownership jumped to 8.6 percent.
Further, Saudi Stock Exchange index closed the weekly trading with a relapse of 1.3 percent, i.e. 107 points. It ended at levels of 7,921 points, a drop that is attributed by specialists to the drop in oil prices last week.
Monetary liquidity marked a remarkable rise during last week, reaching around SAR14.9 billion (USD3.9 billion) compared to SAR9.8 billion (USD2.6 billion) in the past week. This registered a rise of 51.5 percent.
In this context, financial analyst Khaled Yahya expected that the Saudi firms would make sufficient profit for many traders and investors. He added that the profits might be close to the achieved results in Q2 of this year.
Yahya continued that the current indicators of the Saudi economy are encouraging and the private sector is a key pillar by which listed companies are an important part of it.