Saudi Arabia Stocks Close Higher, Tadawul All Share Hits New 52-Week High
The Saudi Arabia stock market closed higher on Monday, with the Tadawul All Share index reaching a new 52-week high. The gain was led by the performance of the financial and industrial sectors.
Best Performers: CHUBB Arabia Cooperative Insurance, Saudi Arabian Amiantit Co., Red Sea Housing Services
Among the best performers of the session on the Saudi Arabia stock market was CHUBB Arabia Cooperative Insurance. The company’s stock rose by 10.00% or 2.50 points, trading at 27.50 at the close. Another top performer was Saudi Arabian Amiantit Co., with its stock gaining 9.97% or 6.00 points, ending at 66.20. Red Sea Housing Services Company also saw a positive performance, with its stock rising by 6.33% or 1.50 points, closing at 25.20.
Worst Performers: Al Baha Investment and Development Company, Al Sorayai Trading&Industrial Group, Al Masane Al Kobra Mining Company
On the other hand, some stocks saw a decline during Monday’s trading session. Al Baha Investment and Development Company saw the largest drop, with its stock falling by 7.14% or 0.01 points, and closing at 0.13. Al Sorayai Trading&Industrial Group also reported a decline of 3.89% or 2.40 points, ending at 59.30. Al Masane Al Kobra Mining Company saw a slight decrease as well, with its stock down by 3.29% or 1.90 points, and closing at 55.90.
Rising Stocks Outnumber Declining Ones on Saudi Arabia Stock Exchange
The Saudi Arabia Stock Exchange recorded more rising stocks than declining ones, with a ratio of 169 to 107 respectively. The exchange also reported that 23 stocks ended the session unchanged.
Crude Oil and Commodity Prices Update, Currency Exchange Rates
In terms of commodities, the price of crude oil for February delivery experienced a decrease of 0.61% or $0.44, reaching $71.33 per barrel. Brent oil for delivery in March also fell by 0.10% or $0.08, hitting $77.07 per barrel. On the other hand, the price of gold futures for February decreased by 0.56% or $11.70, trading at $2,071.80 per troy ounce.
In the currency market, the EUR/SAR exchange rate went up by 0.36% to reach 4.15, while the USD/SAR remained unchanged at 3.75.
Overall, the US Dollar Index Futures went up by 0.15% at 101.06.
Analyst comment
This news can be evaluated as positive for the Saudi Arabia stock market as it closed higher, with the Tadawul All Share index reaching a new 52-week high. The positive performance was driven by the financial and industrial sectors. The market is expected to continue its upward trajectory in the near term.
