Oil and petrochemical stocks are flying in the Saudi financial market
Draft intermediary license for private and public funds on Gulf stock exchanges
Thursday – 21 Rajab 1442 AH – 04 March 2021 AD Issue No. [
The Saudi stock market continues its bullish momentum (Asharq Al-Awsat)
Riyadh: «Asharq Al-Awsat»
The shares of Saudi Aramco and SABIC, which weigh heavily on the market index, rose by two percent, at 35.05 riyals and 107.20 riyals, respectively.
“The index is still rising,” he told “Al-Sharq Al-Awsat”, Muhammad Al-Shammari, General Director of “Mohammed Al-Shamimari Financial Advisors Office” “Due to optimism due to the resumption of business with the spread of the emerging (Corona) virus vaccine, in addition to oil prices trading at $ 63.19 a barrel, and light crude at $ 60.19 a barrel,” stressing that “all eyes are on the (OPEC +) meeting (today) to receive positive news. And the new measures in light of the rise in prices to levels considered good for producers and a catalyst for the Saudi economy and the stock market.
And Al-Shammari stated, in a technical reading, that “the index is heading to important goals in the region of 9.4 thousand points, so that the field is open to go to 10 thousand points in the next stage,” stating that “the performance is positive since the beginning of this year, which rose by about 7.1 percent within 12 months It increased by about 23 percent, while 63 companies announced their annual results with a combined profit of 19.3 billion riyals (5.1 billion dollars), while about 141 companies did not disclose their performance for the last quarter of last year.
Yesterday, the number of shares traded exceeded 531 million, shared by more than 594,000 deals. Shares of 113 companies recorded an increase in their value, while shares of 77 companies closed lower.
On the other hand, the “Financial Market Integration Strategy” working group at the General Secretariat of the Cooperation Council for the Arab States of the Gulf, emanating from the Committee of Directors of the Boards of Directors of Financial Market Authorities, held its tenth meeting yesterday, via visual communication technology.
The meeting discussed a draft general regulatory framework for the inter-licensing of products and investment instruments in general. Covered by the licensing between the bodies regulating the financial markets in the countries of the Cooperation Council.
The meeting also reviewed the draft regulatory framework for the inter-licensing of private and public funds for investment between the bodies regulating the financial markets in the GCC countries after putting in place legal amendments to them, the final version of the account opening requirements model and “know a client” procedures, and the timetable proposed by the GCC countries to implement initiatives to deepen coordination between Capital market authorities in the GCC countries and the mechanism for implementing these initiatives.
In addition, the “Saudi Parallel Shares (Nomu)” index closed yesterday, up 286.85 points, to close at 26165.55 points, with trades amounting to 27 million riyals, and the number of traded shares reached 259 thousand shares; It shared 779 deals.