Saudi index hits more than 9,000 points for first time since 2019

Most sectors trading in positive territory

Image used for illustrative purpose. In Saudi Arabia, Riyadh

Image used for illustrative purpose. In Saudi Arabia, Riyadh

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Saudi Arabia’s stock market on Sunday crossed the 9,000 mark for the first time since July 2019.

The benchmark Tadawul index was trading one percent higher at 9,033.09 around 12 noon, with volumes traded hitting 157.99 million transactions. The value of shares traded stood at 5.77 billion riyals.

"The TASI rally was led by the nearly 4 percent rise in the shares of Al Rajhi Bank. The bank's earnings for [the full year 2020] were better than expected with its earnings per share better than six-year average and annual growth of 4.3 percent despite the pandemic," said Mohammed Alsuwayed, financial analyst at Razeen Capital.

Most sectors were also trading in the positive territory.

Etihad Atheeb Telecommunication Co. emerged as the top gainer, trading at 12.16 Saudi riyals ($3.24), while Al Rajhi Bank jumped nearly 4 percent to 83 riyals.

Shares of the company resumed trading on the exchange after it published its financial statement for nine months ending December 31, 2020.

(Reporting by Brinda Darasha; editing by Cleofe Maceda)

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