Saudi Arabia’s stock market showcased a positive trend as trading concluded on Sunday, with a notable uplift driven by gains across various sectors.
The Saudi index experienced a rise of 0.41% by the end of the trading day. A standout performer was Red Sea Housing Services Company, which saw a remarkable increase of 9.88%, elevating its share price by 5.60 points to 62.30. Additionally, Al Baha Investment and Development Company SJSC gained 6.25%, and The Company for Cooperative Insurance climbed 4.90% in late trading.
Market Movers and Shakers
While some companies experienced significant growth, others faced challenges. Jamjoom Pharmaceuticals Factory Company SJSC recorded a decline of 4.55%, shedding 9.20 points to close at 193.00. Meanwhile, Arabian Shield Cooperative Insurance Co dropped by 3.74%, and Rasan Information Technology decreased by 3.13%.
Overall, the Saudi Arabia Stock Exchange saw a larger number of advancing stocks compared to those declining, with 163 stocks rising, 122 falling, and 21 remaining unchanged. Notably, Red Sea Housing Services Company reached a three-year high, marking a significant milestone with its impressive growth.
Commodities and Currency Insights
In the commodities market, crude oil for November delivery experienced a slight increase of 0.10% to $70.33 per barrel. Conversely, Brent oil for December delivery saw a minor drop of 0.21%, while December Gold Futures surged by 1.24%, trading at $2,647.10 per troy ounce.
On the currency front, the EUR/SAR and USD/SAR exchange rates remained stable, showing minimal changes. The US Dollar Index Futures saw a slight increase of 0.10%, reaching 100.42.
These promising developments in Saudi Arabia’s financial markets underscore the country’s dynamic investment landscape, offering lucrative opportunities for investors worldwide.
