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Tadawul Records Highest Daily Trading since Global Financial Crisis

Tadawul Records Highest Daily Trading since Global Financial Crisis

Tuesday, 15 September, 2020 - 10:30
The Saudi Stock Exchange recorded the highest rate of liquidity since the 2008 global financial crisis. (Reuters)

The Saudi Stock Exchange (Tadawul) recorded on Monday the highest rate of liquidity since the 2008 global financial crisis, demonstrating local and foreign interest to invest in the Kingdom.


Total financial transactions amounted to SAR18.5 billion ($4.9 billion) compared to SAR13 billion on Sunday.


The positive figures were prompted by the joining of international funds such as FTSE Russell and Morgan Stanley and Saudi Aramco's acquisition of 70 percent of Saudi Basic Industries Corporation’s (SABIC) shares.


According to Chairman of the Securities and Investment Committee at the Riyadh Chamber of Commerce and member of its Board of Directors Mohammed al-Sayer, the most prominent current factors for Tadawul’s recovery are the absence of an alternative opportunity and the low interest rates, which attracted capitals.


This recovery is also taking place in global markets, Sayer told Asharq Al-Awsat.


Tadawul All Share Index (TASI) continued to rise on Monday, gaining 52.50 points to close at 8256.07 points, the highest since early 2020.


The number of traded shares amounted to more than 780 million in more than 655,000 deals. The shares of 92 companies recorded an increase in their value, while 101 companies closed with lower points.


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