Saudi Stock Market Hits Seven-Year High After Crown Prince’s Interview

Aizbah KhanWeb Editor

30th Apr, 2021. 12:13 am
Saudi Stock Market Hits Seven-Year High After Crown Prince's Interview

A recent interview with Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz on state TV has had a positive effect on the country’s stock market.

The main index of the Saudi stock market “TASI” reached 2.57% or 264 points at the end of trading on Wednesday after an interview with Prince Mohammed bin Salman.

This modest rise in Saudi Arabia’s stock market is a result of the positive effects of Saudi Crown Prince Mohammed bin Salman’s talks on the country’s economic growth and economic performance. In his interview, he announced plans to introduce public investment fund companies to the market and offered foreign investors a 1% stake in Armco.

At the close of trading in Tassi, the trading volume reached 10531.2 points. This is the highest level since 2014 and in a few hours, the Saudi stock market traded 13.19 billion, while a total of 457.39 million shares were traded.

Shares of Aramco rose 13.13%. Aramco’s points were recorded at 35.08. It may be recalled that the Saudi Crown Prince had announced to sell a one per cent stake in Aramco to foreign investors and talks are underway with foreign investors in this regard.

Majid Kabara, executive director of Quaniza Capital, said in an interview with Al Arabiya that the investment expenditure of the Public Investment Fund would encourage economic growth and business in the state.

He pointed out an important point in financing large investments of investment funds, saying that one source of financial support would be the list of profitable companies in the Saudi market, excluding local investment from the world’s 10 largest. Is one of the stock markets.

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