The stock market in Saudi Arabia witnessed positive movements on Sunday, largely driven by growth in sectors like Energy & Utilities, Building & Construction, and Real Estate Development.
Market Performance:
The Tadawul All Share index climbed by 0.27%, reaching a new 52-week high by the end of the trading session.
Among the top performers were companies like Saudi Steel Pipe Company, Saudi Advanced Industries Co., and Scientific and Medical Equipment House Company CJSC, which saw significant increases in their share prices.
However, some companies like East Pipes Integrated Company for Industry, Arabian Shield Coop Insurance Co, and MBC Group CJSC experienced declines in their share prices.
Overall Market Outlook:
The Saudi Arabia Stock Exchange witnessed more rising stocks than declining ones, with 164 stocks rising, 113 declining, and 24 remaining unchanged.
While crude oil prices slightly decreased, with May delivery crude oil dropping to $80.58 a barrel, the market remained stable amidst fluctuations in commodity prices.
Currency Exchange Rates:
The exchange rates remained steady, with the EUR/SAR exchange rate at 4.08 and the USD/SAR exchange rate at 3.75.
Additionally, the US Dollar Index Futures saw a slight increase of 0.07% to 103.06.
Conclusion:
The positive performance of Saudi Arabia’s stock market reflects optimism in various sectors, particularly in energy and utilities. Despite minor fluctuations, the market continues to demonstrate resilience amidst changing economic conditions.
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