Saudi Arabia Stocks Reach New Highs as Agriculture & Food Sectors Lead Gains

Saudi Arabia Stocks Reach New Highs as Agriculture & Food Sectors Lead Gains

Key Points:

  • Saudi Arabia’s stock market, the Tadawul All Share index, rose by 0.14% to reach a new 52-week high.
  • Agriculture & Food, Building & Construction, and Hotels & Tourism sectors led gains.
  • Top performers included National Agriculture Development Co, Development Works Food Co, and Etihad Atheeb Telecommunication.
  • Rising crude oil prices and stable currency markets contributed to the positive sentiment in the Saudi Arabia stock market.

Saudi Arabia’s stock market witnessed a bullish session on Sunday, with gains in sectors like Agriculture & Food, Building & Construction, and Hotels & Tourism driving shares higher. The Tadawul All Share index rose by 0.14% at the close, reaching a new 52-week high.

Among the top performers on the Tadawul All Share index were National Agriculture Development Co (TADAWUL:6010), which surged by 9.97% to trade at 35.30, and Development Works Food Co (TADAWUL:6013), which added 9.90% to close at 146.60. Additionally, Etihad Atheeb Telecommunication (TADAWUL:7040) saw a notable increase of 9.84%, reaching 106.00 in late trading.

Conversely, Arabian Internet and Communications Services Co CSJC (TADAWUL:7202) experienced a decline of 5.28%, closing at 372.80. Alkhorayef Water and Power Technologies Co (TADAWUL:2081) dropped by 3.91% to end at 236.00, while Salama Cooperative Insurance Co (TADAWUL:8050) fell by 3.18% to 25.90.

Throughout the session, rising stocks outnumbered declining ones on the Saudi Arabia Stock Exchange, with 197 stocks advancing, 84 declining, and 15 remaining unchanged.

In commodities trading, crude oil prices saw gains, with the April delivery of crude oil up by 0.84% to $78.24 a barrel. Brent oil for delivery in April also rose by 0.81% to $83.53 a barrel. Meanwhile, the April Gold Futures contract increased by 0.53% to $2,025.50 a troy ounce.

Currency markets remained relatively stable, with the EUR/SAR pair unchanged at 4.04, while the USD/SAR pair remained steady at 3.75. The US Dollar Index Futures showed no significant change, remaining at 104.20.

Overall, the Saudi Arabia stock market’s positive performance reflects investor confidence, driven by gains in key sectors such as Agriculture & Food. The bullish sentiment is supported by rising crude oil prices and stable currency markets, contributing to the market’s overall resilience and optimism.

TechGolly editorial team led by Al Mahmud Al Mamun. He worked as an Editor-in-Chief at a world-leading professional research Magazine. Rasel Hossain and Enamul Kabir are supporting as Managing Editor. Our team is intercorporate with technologists, researchers, and technology writers. We have substantial knowledge and background in Information Technology (IT), Artificial Intelligence (AI), and Embedded Technology.

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