The Saudi stock market rose at close of trading on Sunday and showed a consolidation above the 10,700 level. in amid rising oil prices.
Oil prices rose about 1% at settlement, in the closing sessions last week, and posted gains for the second consecutive week, supported by an upbeat economic outlook for China, which bolstered expectations for higher demand in the second largest economy in the world.
Brent crude rose $1.47, or 1.7% at settlement, to $87.63 a barrel. U.S. crude prices rose 98 cents, or 1.2%, to trade at $81.31 a barrel. Brent crude posted gains of 2.8% for the week and the US benchmark rose 1 .8%.
The TASI index rose 0.4%, or 42.6 points, to 10724.62 points, with transactions worth 3.09 billion riyals.
The volume of shares traded was 98.2 million shares, in where shares of 140 companies increased in value, while shares of 64 companies decreased in value out of a total of 223 companies.
Shares of companies Hail Cement, Advanced, Saudi German, Al-Hammadi and East Pipes were the highest, with rates ranging between 6.51% and 3.70% and between 2.69% and 1 ,61%.
While the shares of the companies: Al-Jazira, Americana, Aramco, Shams, Petro Rabigh, were the most active in terms of quantity, and the shares of the companies: Luprev, Aramco, Al-Rajhi, Al-Jazira, Marafiq were the most active in value.
Hesham Abu Jamea, chief executive officer of Mekial Financial Technologies, said that despite sharp global fluctuations, if the Saudi market moves in a horizontal interval, would be positive.
Abu Jameh said in an interview with Al-Arabiya that Saudi ministers spoke during their attendance at the Davos Forum about the kingdom’s strong economic situation, and also supported oil prices, which reached $87 a barrel last week.
He stressed that these factors have supported the Saudi stock market, despite the external obstacles that have appeared in China, such as an economic slowdown, in addition to the impact of the war in Europe.
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