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Reading: Saudi stock index increases by 114 points, surpassing the 12,000 mark once more
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Gulf Press > Gulf > Saudi Arabia > Saudi stock index increases by 114 points, surpassing the 12,000 mark once more
Saudi Arabia

Saudi stock index increases by 114 points, surpassing the 12,000 mark once more

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Last updated: 2024/10/08 at 7:00 PM
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The Saudi Arabian stock market saw an uptick on Tuesday, with the Tadawul All Share Index closing 114 points higher at 12,027 points. The index was driven by a 3.4 percent increase in the applications and technology services sector, reversing its downward trend from the previous three sessions. The total number of shares traded exceeded 6 million, with a total volume of nearly 969 million shares. Throughout the day, 111 companies’ shares saw an increase in their value, while 116 companies’ shares closed lower. Notable movers included Al Rajhi Bank and Saudi National Bank, which saw their shares rise by 1.5 percent to 3 percent. Extra also gained by 3 percent to reach SR93.90 after announcing its Q3 2024 financial results. Additionally, newly-listed Almajed Oud was the top performer of the day, skyrocketing by 30 percent to SR158.80, with approximately 2.6 million shares worth almost SR 410 million changing hands.

In terms of specific company performance, ACWA Power shares saw an increase of 1.89 percent, reaching SR497.20. Saudi Aramco shares also saw a slight uptick of 0.37 percent, closing at SR27.05. However, the Asmak index experienced a decline of 4.19 percent, settling at SR27.45. Amongst the most active companies of the day were Shams, Al Baha, and Anaam Holding. On the other hand, the Saudi Parallel Stock Index (Nomu) closed down by 105.82 points, reaching 24,543 points. Trades on the Nomu exchange were valued at SR 38 million ($10.1 million), with a total volume of traded shares exceeding six million.

Tuesday’s positive performance in the Saudi stock market is reflective of the overall bullish sentiment in the region. Investors were encouraged by the strong showing in the applications and technology services sector, as well as the robust financial results from companies like Extra. The performance of Almajed Oud, the top gainer of the day, also signals investor confidence in newly-listed companies. Additionally, the steady growth in shares of established companies like Al Rajhi Bank and Saudi National Bank further boosted market sentiment. The overall trading activity, with a high volume of shares traded and a mix of gainers and losers, indicates a healthy level of market participation and interest from investors.

Despite the positive overall sentiment, there were still areas of weakness in the market, as evidenced by the decline in the Asmak index. However, the fluctuations in individual stock performance are not uncommon in a dynamic market environment like Saudi Arabia’s. The Nomu exchange’s decline further highlights the mixed performance across different sectors and exchanges. It is essential for investors to carefully monitor market developments and stay informed about the specific factors influencing stock movements in order to make well-informed investment decisions. The market’s resilience in the face of both positive and negative movements reflects the strength and diversity of Saudi Arabia’s stock market.

Looking ahead, investors will be keeping a close eye on key developments in the market, such as upcoming earnings reports, economic indicators, and geopolitical events that could impact stock performance. With the Saudi stock market showing signs of resilience and growth, there is optimism among investors about the potential for further gains. As the market continues to navigate various challenges and opportunities, proactive monitoring and analysis will be crucial for investors to capitalize on emerging trends and make informed investment decisions. The Saudi stock market’s performance on Tuesday serves as a reminder of the dynamic nature of the market and the need for adaptability and vigilance in navigating investment opportunities.

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News Room October 8, 2024
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