Saudi Stocks Exchange Resumes Amid Significant Rise in Oil Prices

Published June 10th, 2019 - 07:30 GMT
Saudi's index closed May’s trading at 8,516 points, proving the vitality of the local market and the positive performance at the same time.
Saudi's index closed May’s trading at 8,516 points, proving the vitality of the local market and the positive performance at the same time. (AFP)
Highlights
Trading is expected to commence with a qualitative flow of local and foreign capitals in which investors would target several firms that reported positive fiscal results during Q1 of 2019. 

The Saudi stock exchange resumes Sunday, following Eid al-Fitr. This comes amid a significant rise in oil prices, with the closing of last week's trading, which pushed Brent crude to close above $ 63 a barrel. 


Trading is expected to commence with a qualitative flow of local and foreign capitals in which investors would target several firms that reported positive fiscal results during Q1 of 2019. 

Today’s session is the fourth after the completion of the first phase of the local capital market inclusion in the MSCI. The index achieved gains of 134 points following the inclusion to the Emerging Markets Index, while monetary liquidity witnessed during last week’s trading a rise of 112 percent compared to the week before.

Saudi's index closed May’s trading at 8,516 points, proving the vitality of the local market and the positive performance at the same time. 

In the same context, investors are anticipating a more positive performance for the Saudi stock market, as the listed companies are expected to continue their positive financial performance in the second quarter of this year. The listed firms’ results showed financial performance progress of 85 firms, with profits of SAR23.1 billion (USD6.1 billion) during Q1 of the current year.

Earlier, MSCI said 30 Saudi Arabian securities would be added, representing an aggregate weight of 1.42% in the MSCI Emerging Markets Index.


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