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Saudi Stocks Defy Terrorism with High Closure

Saudi Stocks Defy Terrorism with High Closure

Wednesday, 15 May, 2019 - 11:45
An investor walks past a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia June 29, 2016. (Reuters)
Riyadh - Asharq Al-Awsat
Saudi stock market index closed Tuesday up 7.63 points, compared to Monday when Saudi and UAE oil tankers suffered “sabotage operations” near the Emirati territorial waters.

It closed at 8374.27 points with transactions worth more than SAR6.4 billion ($1.7 billion).

The performance of the stock market represented an important indicator of its cohesion and vitality. It closed with green figures and a positive rise, reflecting the high level of confidence in the market transactions by domestic investors and foreigners

This rise came as Minister of Energy, Industry and Mineral Resources Khalid al-Falih said two oil pumping stations for the East-West pipeline had been hit by explosive-laden drones, calling the attack “an act of terrorism” that targeted global oil supplies.

He added that Saudi oil output and exports for crude and refined products were continuing without disruption, but that the state oil giant Aramco had halted oil pumping in the pipeline while the damage was evaluated and the stations were repaired.

Saudi Arabia's stock market statistics show a remarkable rise in the ownership of foreign investors, hitting their highest levels ever at about 5.8 percent, according to the latest statistics.

Blue chip SABIC rose 2.8 percent to SAR112 while heavyweight lender Al Rajhi Bank edged up 1.4 percent to SAR66.90.

Meanwhile, MSCI Inc, the world’s largest index provider, said 30 Saudi Arabian securities would be added to its closely watched and widely duplicated emerging-markets index.

It said they represent an aggregate weight of 1.42 percent in the MSCI Emerging Markets Index. All changes will be implemented as of the close of May 28, it said.

MSCI said late last year it would allow companies that give shareholders unequal voting rights to remain on its current equity indexes, backing down from an earlier proposal that would have reduced exposure to such companies.

MSCI said the Kingdom would enter in phases coinciding with index reviews in May and August 2019.

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