Saudi Arabia Stocks Finish Higher, Led by Technology and Healthcare Sectors
Published Jan 21, 2024 07:45AM ET
Saudi Arabia stocks closed higher on Sunday, with the Tadawul All Share Index rising 0.37%. The gains were primarily driven by the technology and healthcare sectors.
MBC Group CJSC, a media company, was the top performer of the day, with its stock rising by 9.98% to trade at SAR 72.70. Jamjoom Pharmaceuticals Factory Company SJSC and Takween Advanced Industries also experienced significant gains, rising by 9.92% and 9.89% respectively.
On the other hand, Riyadh Cement Co, Arabian Drilling Co, and National Medical Care Company recorded losses, falling by 3.23%, 2.72%, and 2.69% respectively.
Overall, rising stocks outnumbered declining ones on the Saudi Arabia Stock Exchange, with 153 stocks gaining and 126 stocks declining. Fifteen stocks remained unchanged.
MBC Group CJSC and Jamjoom Pharmaceuticals Factory Company reached all-time highs during the trading session.
Crude oil prices witnessed a slight dip, with the March delivery dropping by 0.70% to $73.43 per barrel. Brent oil for March delivery also fell by 0.63% to $78.60 per barrel. However, the February Gold Futures contract saw a 0.50% increase, trading at $2,031.80 per troy ounce.
In forex trading, the Euro to Saudi Riyal exchange rate increased by 0.24% to 4.09, while the US Dollar to Saudi Riyal exchange rate remained unchanged at 3.75.
The US Dollar Index Futures showed a decrease of 0.27% at 103.03.
These developments indicate the ongoing volatility in the global financial markets. Investors are closely monitoring the performance of various sectors, especially technology and healthcare, as they continue to drive market growth. The fluctuation in oil prices also has an impact on investor sentiment, as it affects the overall economic outlook.
Analyst comment
Positive news: Saudi Arabia stocks finished higher, driven by the technology and healthcare sectors. MBC Group CJSC and Jamjoom Pharmaceuticals Factory Company reached all-time highs.
As an analyst, I expect the market to continue its upward trend, with focus on technology and healthcare sectors. Fluctuations in oil prices may impact overall sentiment.
