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10-01-23
Saudi Arabia’s Tadawul regains 110 points driven by oil surges at Monday’s end
(MENAFN) Saudi Arabia’s Tadawul All Share Index marked a noticeable regain as it surged 110.27 points — or 1.05 percent — on Monday to end standing at 10,647.18 after the increase in oil rates motivated by head importer China’s move to reopen its borders.
Brent crude LCOc1 was USD2.29 higher, or 2.9 percent, reaching USD80.86 per barrel by 1:50 PM Riyadh time, whereas US West Texas Intermediate crude CLc1 surged by USD2.46, or 3.3 percent, to USD76.23.
“It seems that the easing of COVID-19 measures in China was a catalyst for the recovery in oil prices seen today, which gave a boost to the Saudi market. China’s reopening of its economy is important and may reduce concerns about global economic growth,” Raed Mohamed Diab, vice leader of investment strategy and research of Kuwait-located Kamco Invest, informed Arab News.
TASI’s overall exchange turnover of the main index on Monday increased 40 percent to reach SR4.21 billion (USD1.03 billion) from Sunday’s SR3 billion (USD798 million). The market breadth was positive as 171 of the recorded 223 increased whereas 39 decreased.
“With the strong fundamentals of the Saudi market, it seems that investors have seized the opportunities available to them after the Tadawul index fell sharply in the last couple of months,” added Diab.
MENAFN10012023000045014228ID1105405863
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