The Saudi stock market index concluded yesterday's session on a high note, escalating by 0.3 percent to close at 12,804 points (+32 points), marking the highest closing since June 2022. The trading volume for the day reached a total value of approximately 10 billion Riyals.

The amount of shares traded in the Saudi stock market was 456 million shares, with 95 companies witnessing an improvement in their values, while the shares of 128 companies declined. The stocks of the companies Tshab, Time Fitness, Saudi REIT, Pharmaceutical, and Gulf Training recorded the most significant increases. On the other hand, the shares of Al-Kharif, Al-Baha, Medicine, Gulf General, and Chemical were among the most decreased in the day's trading, with ranged fluctuations between 8.72% and 9.27%.

Saudi Aramco's stock rose by 1% closing at 31.40 Riyals. Meanwhile, ACWA Power, Jabal Omar, Cooperative, Research and Media, Mouwasat, Andalusian, National for Education, and Al-Hokair Group saw their shares ending the day on an upward trend, with increases ranging from 1% to 4%. Fitness Time shares surged by 8% to 243 Riyals, recording their highest close since the company's market debut, following the announcement of financial results and cash distributions to shareholders. Tshab's stock led the day's gains with an increase of 9%. Conversely, Al-Kharif’s stock plummeted by 9% to 236.80 Riyals amid trading volumes exceeding 330,000 shares, as the company announced fourth-quarter financial results for 2023 that were below market expectations. Baazeem and Hammad shares dropped to 76.20 Riyals (down 2%) and to 64.90 Riyals (down 3%), respectively, after the announcement of the financial results. Arab Drilling's stock closed at 180.40 Riyals, down 1%, following the end of the entitlement to cash distributions.

Economist to Riyadh: Growth Indicators for Saudi Economy Stimulate Market Rise

Economist Fahd Sharaf states, "There are high growth indicators for the Saudi economy, and March and April are expected to be better and more stable months for several reasons. The global markets have absorbed the current crisis, and economies are now more prudent and intelligent than in 2006, hence there is no fear of a decline in the financial markets. The Saudi market 'Tadawul' is heading upwards in the upcoming months."

It is noted that Tadawul Saudi Arabia announced, "Foreign investors made net purchases in the main market 'TASI' through direct foreign investment during the week ending Thursday, March 14, 2024, amounting to 216.4 million Riyals. The net purchases by government bodies amounted to 1.07 billion Riyals, and the investment funds net purchases were 850 million Riyals, while the net sales by Saudi companies reached about 1.37 billion Riyals, and the net sales for major individual investors were approximately 646.7 million Riyals.

On another front, the Financial Sector Development Program is one of the executive programs launched to achieve the objectives of Saudi Arabia’s Vision 2030. It aims to develop the financial sector into a diversified and effective one that supports the growth of the national economy. The program is structured on three main pillars: the development of an advanced financial market, empowering financial institutions to support the growth of the private sector, and enhancing financial planning capabilities.