عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
TT
TT

US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.