Saudi Stocks Up; TADAWUL Hits 52-Week High

“`html

Summary

  • Saudi Arabia’s stock market closed higher on Sunday with key sectors driving the surge.
  • The gains were led by Agriculture, Food, and Telecom sector shares.
  • The Tadawul All Share Index (TASI) saw a slight increase of 0.14%, reaching a 52-week peak.
  • Commodity prices showed Crude oil and Brent oil advancing, while Gold Futures also increased.
  • The Saudi Riyal remained steady against the Euro and US Dollar.

Market Overview

At the end of trading in Saudi Arabia, the robust performance of the Agriculture, Food Services, and Telecommunications sectors propelled the Tadawul All Share Index (TASI) to a 0.14% rise, marking a new annual zenith.

National Agricultural Development Co led the gainers on TASI, appreciating by 9.97% to close at 35.30. Development Works Food Co similarly saw a significant hike of 9.90% to conclude at 146.60, while Etihad Atheeb Telecommunication ascended by 9.84% to settle at 106.00.

Conversely, the session’s laggards included Arabian Internet and Communications Services Co, which detracted 5.28%, Alkhorayef Water and Power Technologies Co declining by 3.91%, and Salama Cooperative Insurance Co dipping by 3.18%.

The breadth of the market was positive, with more stocks ascending than declining on the Tadawul Stock Exchange.

Commodity and Currency Highlights

Investors observed an uptick in commodity prices with Crude oil for April delivery climbing by 0.84% to $78.24 a barrel. Brent oil followed suit, edging up 0.81% to $83.53 a barrel. Gold Futures for April gained 0.53%, touching $2,025.50 a troy ounce.

On the currency front, the EUR/SAR remained stable at 4.04, as did the USD/SAR at 3.75. The US Dollar Index Futures showed no change, maintaining a stance at 104.20.

Strategic Investment Insights

For savvy investors eyeing the Saudi Arabian stock market, current trends suggest that agricultural advancement, food service growth, and telecommunications innovation present appealing investment opportunities. With the strength in commodities, particularly in oil and gold, diversifying into resource-based assets could hedge against market volatility. Caution should be exercised with companies showing declines, conducting thorough risk assessment before any venture.

Source: https://www.investing.com/news/stock-market-news/saudi-arabia-stocks-higher-at-close-of-trade-tadawul-all-share-up-056-3316606

PIP Penguin
Logo