The Saudi stock index closed on Tuesday higher by 111.66 points, at 8369.33 points, with transactions worth 11 billion riyals.
The Index recorded the highest closure in more than 8 months, that is, before the outbreak of the coronavirus pandemic in the region and the lockdown that ensued.
A recent report issued by KAMCO Invest on the Saudi financial market showed that the gains recorded at the Saudi stock market contributed to reducing the rate of decline of indices since the beginning of 2020.
KAMCO Invest noted that the revival of the Saudi Stock Exchange was mainly due to the performance growth registered by all sectors without exception.
According to the report, the investment and finance sector index topped the ranking, with monthly gains of 19.8 percent in September.
Meanwhile, NCB Capital - authorized by the Capital Market Authority - revealed on Tuesday that it has concluded a strategic alliance contract with one of the largest asset managers in the world to provide integrated solutions in the field of securities preservation and asset services to institutions in Saudi Arabia.
NCB Capital and BNY Mellon announced a strategic alliance to deliver global custody and associated asset servicing activities to institutional and large asset owners based in the Kingdom of Saudi Arabia.
BNY Mellon said the collaboration would provide clients of NCB Capital with local expertise together with access to BNY Mellon’s global custody, asset servicing, data and technology capabilities.
Todd Gibbons, CEO of BNY Mellon, said: “We are excited to announce this strategic alliance with NCB Capital and look forward to working together to support the financial and social agenda the Kingdom of Saudi Arabia has forged as part of its transformation, by sharing capabilities, resources and practices via our new alliance.”
For her part, Sarah AlSuhaimi, CEO of NCB Capital, commented on the alliance, saying: “We are looking forward to working very closely with BNY Mellon to both deepen and broaden our securities services offerings to our clients in line with NCB Capital’s unwavering commitment to: (i) the development of the Kingdom’s financial sector in line with Vision 2030, and (ii) meeting the increasingly sophisticated demands of our institutional client base.”
