The Saudi Stock Exchange's main index ended trading higher on Sunday, gaining 0.50 points to close at 8644.47 points.
The total value of the trading reported was SR10 billion ($3.7billion), while the toll of shares traded was more than 315 million, divided into 420,000 deals.
While the stocks of 82 companies ended the trading higher, shares of 109 companies slumped.
On the other hand, the spread between the advancers and decliners stocks ranged from 10.00% and 9.94%.
The Saudi Parallel Equity Market Index (NOMU) ended the day losing 311.10 points, to close at 20245.93 points, with a valuation of SR80 million ($21.3 million) and an overall tally of 685,000 stocks traded and divided into as many as 2,097 deals.
Dr. Abdul Rahman Baashan, head of the Shorouq Center for Economic Studies, told Asharq Al-Awsat that it was anticipated for the main Saudi stock index to close higher, driven up by the rising optimism around a coronavirus vaccine being rolled out soon.
Baashan explained that Saudi Arabia was better prepared than others because of what it had achieved in the past period on implementing recommendations for underpinning the production of a coronavirus vaccine on the level of G20 member states.
Reviewing Sunday’s trading session, Baashan said that the outcome was an inevitable result of accumulated stimulating efforts. He predicted another hike in the value of the shares of promising companies that have been most affected by the pandemic, especially those belonging to the tourism, hospitality and entertainment sectors.
Baashan noted that the optimism witnessed in Saudi markets is expected to further grow. A denominating factor in that is Saudi Arabia being a key partner in the success achieved by international efforts, including the World Health Organization (WHO), on producing and distributing the vaccine.
