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The Saudi Stock Market shrugged off a week off heightened terrorist warnings and hit a new all-time high of 3,058 points on May 22, up 2% on the week.
Bakheet Financial Advisers said that investors seemed to be re-evaluating their portfolios taking into consideration the improvements in financial ratios and indicators in the past few weeks.
There has also been a continuation of high oil prices which continued to hold on news of low levels of US crude inventory. As 40% of Saudi GDP is from oil revenue this remains a vital factor to investor sentiment.
The Tadawul all-shares index is now 21.4% higher than at the start of the year. Trading last week was dominated by blue chips like Saudi Telecom, Saudi Arabian Fertilizer Company and the National Industrialization Company.
Brokers said they expected the market to keep moving upwards and to respond positively to any news of progress in economic reform.
Saudi bourse hits a new all-time high
Anyone who thinks Saudi Arabia is in chaos due to terrorism should look at the stock market. Investors are driving prices up due to excellent results from local companies, the oil price and prospects for economic reform. Al Qaida is having the reverse of the effect it wants and strengthening the regime.
Saudi Arabia: Saturday, May 24 - 2003 at 10:41
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Peter J. CooperSaturday, May 24 - 2003 at 10:41 UAE local time (GMT+4)
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