The profits of 80 companies listed in the trading of Saudi stocks leaped up to 13.1 percent in 2017, compared to profits they made in 2016. Remaining Saudi companies are expected to announce their financial results during the upcoming weeks.
The improved oil prices meanwhile played a significant role in the Saudi stock movement and the financial results of the remaining companies are expected to impact the performance of the Saudi market index in the coming year.
The index closed, during last week’s trading, with a slight rise of 0.2 percent, or an equivalent of 15 points, at a level of 7,525 points compared to last week’s 7,510 points. Total trading value of the week reached around SR15.42 billion (USD4.11 billion) compared to around SAR15.5 billion (USD4.13 billion) in the previous week.
Saudi firms are anticipated to reveal their financial results during the coming two weeks – more than 54 out of the listed companies have not yet announced their results.
Amid these developments, Morgan Stanley Capital International revealed that Saudi Arabia is close to an upgrade. The report added that the Saudi market weight would reach the level of 2.3 percent if it was added to the Emerging Markets Index. The report came at a time when the Saudi shares market succeeded in attracting more institutional and foreign capital during past weeks.
Figures issued by the Saudi Stock Exchange noted that foreign investment ownership in the Saudi shares market rose with the end of the week to an average rate of 4.15, indicating the Saudi market attractiveness.
Morgan Stanley Capital International announced that 32 companies are nominated for being listed on the Emerging Markets Index with a market value of the shares worth USD124.1 billion.
