Saudi Arabia Stock Market Hits New 52-Week High as Pharma and Telecom Stocks Surge
The Saudi Arabia stock market closed on a positive note today, with the index up by 0.71% and reaching a new 52-week high. Jamjoom Pharmaceuticals Factory Company SJSC emerged as one of the session’s top performers, surging by an impressive 9.89% to reach a price of 155.60. Another notable gainer was Etihad Atheeb Telecommunication, which climbed by 9.88% to 83.40. Salama Cooperative Insurance Co also saw an increase of 9.68% to 24.70.
However, not all stocks fared well during the session. Saudia Dairy and Foodstuff Co experienced a decline of 7.50% to 360.00, while Saudi Chemical Company dropped by 5.85% to 5.47. Takween Advanced Industries also declined, falling by 4.48% to 19.60.
The market saw 158 stocks falling and 120 advancing, with 20 remaining unchanged. Of particular note was the performance of Jamjoom Pharmaceuticals Factory Company SJSC, whose shares reached an all-time high by gaining 9.89% to 155.60.
In commodities trading, crude oil for March delivery fell by 1.21% to $75.91 a barrel, while Brent oil for April delivery decreased by 1.19% to $81.21 a barrel. Meanwhile, the April Gold Futures contract dropped by 0.19% to $2,034.85 a troy ounce.
On the currency front, the EUR/SAR was down 0.14% to 4.04, while the USD/SAR saw a slight change of 0.01% to 3.75. The US Dollar Index Futures increased by 0.06% to 104.06.
Overall, with the Saudi Arabia stock market hitting a new 52-week high and notable gains in the pharmaceutical and telecom sectors, investors are closely watching the market for further opportunities.
Analyst comment
Positive news. The Saudi Arabia stock market reached a new 52-week high, with notable gains in the pharmaceutical and telecom sectors. Investors are keeping a close eye on the market for potential opportunities.
