Saudi Institutions Increase Purchases in Local Stock Market

Monday, 19 November, 2018 - 11:00
Riyadh - Shujaa al-Bogmi

Domestic institutions have surged around SAR1.07 billion (USD285.3 million) in the Saudi stocks market during the past week, while foreign investor property in the local market rose 4.73 percent at the end of last week’s trade compared to 4.71 percent the week before.

According to Tadawul, Saudi investor net purchases reached around SAR488.7 million (USD130.3 million) and the foreign investor possession marked a progress.

The Tadawul All Share fell 2.1 percent, closing at 7,497 points amid trading approximately worth SAR3 billion (USD800 million).

Opening the oil markets is expected to have a positive impact with the commencement of next week’s trading.

During the past days, prices witnessed a sharp drop, leaving Brent crude to close at 67 dollars per barrel, while the crude oil dropped below 57 dollars per barrel.

Furthermore, Saudi banks listed in the local financial market posted huge profits of SAR37.7 billion (USD10.05 billion) in the first nine months of 2018.

According to the financial results, 10 Saudi banks listed on the local financial market announced a new growth in profits for the first nine months of this year with one bank’s growth rate reaching up to 27.9 percent. Only two banks announced a decline in profits by 2 and 18 percent.

Saudi Arabia's government revenues hit an increase of 57 percent during the third quarter of 2018 compared to the same period last year. Revenues in the first nine months increased by nearly 47 percent to SAR663.1 billion (USD176.8 billion) compared to the same period in 2017.

The Saudi finance ministry has published the quarterly report of the state budget performance of the third quarter of 2018 on its website.

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