The Saudi Arabia stock market has surged, hitting a three-month high as the Building & Construction, Retail, and Industrial Investment sectors led shares higher. At the close in Saudi Arabia, the Tadawul All Share gained 0.32% to hit a new 3-month high. The stock market’s gains were driven by a number of factors, including rising crude oil prices and positive investor sentiment towards the Kingdom’s economy.
Key Performers and Trends in the Saudi Arabia Stock Market
Saudi Arabian Amiantit Co. (TADAWUL:2160) was among the best performers of the session, rising 9.09% or 4.00 points to trade at 48.00 at the close. Other top performers included Al Aseel Co Ltd (TADAWUL:4012) and Methanol Chemicals Company (TADAWUL:2001), which rose 4.42% and 4.40%, respectively, in late trade.
On the other hand, Al Etihad Cooperative Insurance Co SJSC (TADAWUL:8170), Etihad Etisalat Co (TADAWUL:7020), and Leejam Sports Company SJSC (TADAWUL:1830) were among the worst performers of the session. Al Etihad Cooperative Insurance Co SJSC (TADAWUL:8170) fell 3.19% to trade at 17.62 at the close, while Etihad Etisalat Co (TADAWUL:7020) declined 3.04% to end at 44.60. Leejam Sports Company SJSC (TADAWUL:1830) was down 2.70% to 115.40.
The stock market’s rising stocks outnumbered declining ones on the Saudi Arabia Stock Exchange by 157 to 102, and 18 ended unchanged. Shares in Saudi Arabian Amiantit Co. (TADAWUL:2160) rose to 52-week highs, up 9.09% to 48.00.
Factors Driving the Saudi Arabia Stock Market
One of the key factors driving the Saudi Arabia stock market is rising crude oil prices. Crude oil for June delivery was up 2.50% to $76.63 a barrel, while Brent oil for delivery in July rose 2.61% to hit $80.26 a barrel. This is good news for Saudi Arabia, which is the world’s largest exporter of crude oil. Higher oil prices mean increased revenue for the Kingdom, which in turn boosts investor sentiment towards the Saudi Arabia stock market.
Another factor driving the stock market is positive investor sentiment towards the Kingdom’s economy. The Saudi Arabian government has been implementing a number of economic reforms aimed at diversifying the economy away from oil and increasing foreign investment. The country has also been making significant investments in infrastructure, including the construction of a new city, NEOM, and the expansion of the King Abdulaziz International Airport in Jeddah. These efforts have been welcomed by investors, who see them as a sign of a strong and growing economy.
