By Innovation-sa on April 23, 2018 in News
The Saudi Arabian stock market escalated to a 32-month high as Tadawul All-Shares Index (TASI) closed trading at 8,050.30 points on Monday.
TASI rose to more than the psychologically important 8,000-point mark for the first time since August 2015 and analysts credited this surge to the confidence investors gained from higher oil prices and easing anxieties in the region after US-led strikes on Syria.
Since January 2018, TASI has shown a positive growth gaining 11.4 percent as the Kingdom is preparing for the biggest IPO in its history by selling up to 5 percent of Saudi Aramco.
Muhammed Zidan, market analyst at Thinkmarket in Dubai believes that it is the combination of positive factors that pushed investor sentiment higher. “Oil prices are holding high above $70 a barrel while geopolitical tensions have eased after Saturday’s US strike on Syria”, he added.
He further explained that all indications showed an upsurge in funds flowing into the Saudi Arabian market since the global FTSE Russell index granted it secondary emerging market status last month.