The Saudi stock market index closed today’s session, in down by 0.13%, losing 15.34 points, and closing at 11,758.02 points, with operations for over 7.22 billion riyals.
Alawwal Capital’s head of capital market funds sector Alaa Al Ibrahim confirmed in an interview with Al Arabiya that the index, in slight decline today, remains at levels record, the highest in the last 15 years.
He expected that “in the light of things that have remained as they are and with the optimism that exists, and by gathering the results of the reforms and deepening the structure of the market, it will be The road is paved to reach levels record like the ones we saw in 2006“.
The steady rise in Saudi shares over the past 18 months has prompted analysts at Morgan Stanley to admit they were wrong in their previous estimates.
“Saudi Arabia was the main country with the best performance of the MSCI index worldwide questyear, and it was also one of the countries with the best performance last year, “wrote US banking analysts in a note on Monday, and they updated their recommendation for the Saudi market in overweight: “Since we’ve been losing weight since May 2020, obviously we were wrong,” they said.
The Tadawul All-Share Index rose to its highest level since 2006 on the back of high oil prices and in an environment of increased retail investor activity. However, the index is still 42% below its own record 2006, when efforts to strengthen capital markets to help redistribute oil wealth helped, in to some extent, to a speculative bubble driven primarily by retail investors.
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