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Saudi stocks backs again as life is restored

By: Marwa Mahmoud

The Saudi stock market closed with strong gains today, after the Kingdom eased the isolation measures imposed by the Corona virus.

The Saudi Stock Exchange, which opened after a five-day recess, rose 2.3%, with the share of National Commercial Bank, the largest bank in the kingdom, 7%, and Al-Rajhi Bank 2.7%.

The kingdom started easing movement and travel restrictions after imposing strict measures more than two months ago to curb the outbreak of the new Corona virus, while the kingdom will lift restrictions in three stages, reaching a total lifting of the curfew – with the exception of in Mecca – from June 21.

Majid Kabbara, founder and CEO of Quencia Capital, said in an interview with Al-Arabiya that during the Eid holidays in the Middle East, global stocks were rising and oil prices were rising.

He added that Brent’s gains and the gains of global markets will support the good performance in the Saudi market, whose index before the Eid holiday rose 7%.

Investment flows

He clarified that this rise was driven by investment flows that took advantage of the boost, which raised the market index to more than 20% of the lowest point reached on 19 March.

He described the Saudi market index as having entered a stage dominated by optimistic investors, and this is a very good optimism, but given the circumstances that the world is going through, including the Saudi economy, this stage represents a great deal of optimism and a few risks that still exist.

In a related context, the general index of the Saudi stock market, “Tasi”, has increased at the close of trading session on Monday, the first session in the month of June, by 1.05%, gaining 75.78 points, to close at the level of 7288.81 points, and the parallel market index increased – growth by 3.39%, winning 241.31 points to close At the level of 7366.07 points, trading volume reached 349.6 million shares, worth 6.7 billion riyals.

Saudi Stocks lead Mideast market higher as Economies Reopen in the region.