Saudi Stock Value Market Exceeds $2.13 Trillion

Investors monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) (Reuters)
Investors monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) (Reuters)
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Saudi Stock Value Market Exceeds $2.13 Trillion

Investors monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) (Reuters)
Investors monitor a screen displaying stock information at the Saudi Stock Exchange (Tadawul) (Reuters)

The market value of Saudi stocks exceeded $2.13 trillion dollars driven by 200 points increase in the market index, as a jump in oil prices and positive corporate earnings from the banking sector boosted the stocks.

Saudi Aramco closed at 1.3 percent at 32.35 riyals above its initial public offering price of $8.6, for the first time in 70 days.

The shares of 138 listed companies closed positively on Monday and cash liquidity jumped to levels close to $1.36 billion registering a 27-percent increase compared to Sunday.

Saudi Arabia's index surged 1.4 percent, a 96-points increase, amid active trading compared to the previous sessions.

Meanwhile, about 80 Saudi companies listed in the local market announced their financial results for Q1 of 2020, with 44 companies recording an improvement in their performance, compared to 36 companies that have seen a decline.

The remaining 100 companies are expected to announce their financial results soon, which will affect their shares during the announcement period.

Oil prices climbed on Monday, supported by output cuts and signs of gradual demand recovery amid easing coronavirus curbs and resumption of economic activity.

The booming oil markets also influenced the Saudi stock, as Brent crude jumped 6.1 percent at $34.49 a barrel, while Nimex had a 9 percent increase, exceeding $32 a barrel.

Notably, Saudi index is approaching the 7000-point barrier as traders hope that the market index will exceed this barrier before closing for Eid el-Fitr, backed by the oil prices, given that they improve or maintain the same current levels.



Euro 2024 Tourism to Bring 1$ Billion to Germany, Study Shows 

The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
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Euro 2024 Tourism to Bring 1$ Billion to Germany, Study Shows 

The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)
The words "Welcome to Berlin" can be read shortly before sunrise on a display in the fan zone (Platz der Republik) against the backdrop of the Reichstag and the TV tower in Berlin on Friday, June 14, 2024. (dpa/AP)

Germany, the host of Euro 2024, can expect a 1 billion euro ($1.07 billion) boost to its economy thanks to foreign tourists traveling to the country for the soccer games, the ifo institute forecasts.

This corresponds to about 0.1% of economic output in the second quarter of the year, with Germany´s hospitality and food retail sectors set to benefit the most from the games, the country's top economic research institute said.

"However, the effect is only short-lived, so that exports of services due to returning tourists are likely to fall again after the end of the European Championship in the third quarter and remain the same on balance," ifo researcher Gerome Wolf said.

More than an additional 600,000 foreign tourists and 1.5 million additional overnight stays are expected during the Championship, according to the institute's calculations based on the numbers from the FIFA World Cup hosted by Germany in 2006.

The German Economy Ministry also expects a temporary upturn in consumer-facing sectors after very subdued retail sales this year, but not to the same extent as during the 2006 World Cup.

Experts agree that the overall effect of the Euro 2024 on Europe’s largest economy also depends on how the German national team performs in the tournament.

Their match against Scotland will kick off the tournament on Friday evening.