Saudi Arabia’s stock market is proving to be a beacon of opportunity for investors, as recent figures show a significant uptick in market performance. The market closed on a high note, with the index climbing by 1.14%, marking a new peak over the past three months.
Top Performers and Rising Stars
Among the standout performers, Red Sea Housing Services Company surged by an impressive 9.95%, reaching a five-year high at 68.50. Saudi Fisheries Co. also saw substantial gains, climbing 9.85% to end the day at 25.75. Meanwhile, ACWA Power made notable strides, increasing by 6.57% to 448.00.
However, not all stocks shared in the day’s success. Maharah for Human Resources experienced a decline of 5.37%, while Retal Urban Development Company SJSC and Dar Alarkan Real Estate Development saw decreases of 2.81% and 2.64% respectively.
Commodities and Currency Insights
The commodities market also showed positive movements, with crude oil for November delivery rising by 2.15% to $71.88 per barrel. Brent oil for December delivery increased by 1.91% to $74.61 per barrel. Meanwhile, the December Gold Futures contract remained steady at $2,652.60 per troy ounce.
Currency markets reflected a slight increase in the EUR/SAR exchange rate, up by 0.17% to 4.18, while the USD/SAR remained stable at 3.75. The US Dollar Index Futures saw a minor decline of 0.14% to 100.42.
Saudi Arabia continues to demonstrate its potential as a lucrative investment destination, with rising stocks outnumbering decliners by 144 to 140 on the stock exchange. As the Kingdom’s markets hit new highs, investors worldwide are encouraged to explore the promising opportunities within this dynamic economy.
