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Aramco and TA SI see a rise in trading after the crown prince’s speech

The Saudi stock market’s main index, TA SI, rose 2.57% (264 points) during last Wednesday’s trading, coinciding with Saudi Crown Prince Mohammed bin Salman’s comments about economic performance and plans to bring companies associated with the Public Investment Fund to the market. 

After trading at 457.39 million shares, TA SI closed at 10531.2 points, the highest level since October 2014, with a trading value of around SR13.19bn.

Aramco’s stock grew 1.13% as the Crown Prince announced that discussions to sell 1% of the company’s assets to a foreign investor are currently underway.

In an interview with Al-Arabiya, Majid Kabbara, Director of Kwanzia Capital, said that the investments of the Public Investment Fund will stimulate economic growth and the business sector in the country.

He emphasized the importance of no income tax imposition and the assumption that the value-added tax rate will fall from its current level; these are both unexpected and optimistic signs that serve as important motivators for investors. Finally, Kabbara revealed that Quincia Capital expects to issue a license to work in Saudi Arabia after completing formal approvals.

Aramco’s stock was valued at SR739m after 20.7 million shares were traded. The leading market sectors rose, led by the banking sector (4.67%), the materials sector (2.89%), and the energy and communications sectors (1.19% and 0.86%, respectively).

Shares of “Petro Rabigh” were led by 8.4%, at SR20,80, while the declines were issued by “exports” (7.2%) at a price of SR105. Al-Rajhi Bank led in terms of trading value with SR1.24bn, while Dar Al-Arkan led in terms of trading volume with 74 million shares.

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