Oil prices, government spending see Saudi's TASI hit highest level since 2006: Market Wrap

Oil prices and the announcement of $2trln in government spending contributed to the rise in stocks

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri
RIYADH: The Tadawul All Share Index increased on Wednesday by 0.94 percent, or 111.2 points.

Oil prices and the announcement of $2 trillion in government spending contributed to the rise in stocks.

TASI liquidity today amounted to about SR7.2 billion, while 189.8 million shares were traded, in 313,000 deals.

National Gypsum Co. (NGC) topped the list of companies trading above three month average at 344, followed by Sahara International Petrochemical Co. (Sepchem) at 295.

The petrochemical producer posted a net profit of SR1.029 billion for the third quarter of 2021, the highest profit since inception.

Saudi Arabia’s parallel stock market index, Nomu, gained 81.7 points, or 0.34 percent, closing at 24,449.96 points.

The biggest risers today were, Al-Rajhi Bank which records the highest level since 2006 to close at SR141.2, up 1.6 percent, and SABIC shares by 2 percent at SR133.6.

Among other shares that rose were NCB by 0.6 percent, and Riyad Bank by 4.4 percent.

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