The Saudi stock market continues to show high volatility but brokers see some evidence of stability returning to the market.
Last week the Tadawul All Shares closed up 1.7% at 4,355.18 points with a significant reduction in market swings. Bakheet Financial Advisors said that investors are waiting for the soon to be published financial results from major blue chips.
However, BFA cautioned investors against dealing on rumours about profits from unconfirmed sources. The broker said that such unconfirmed 'leaks' of market information were a primary source of market volatility.
The Saudi bourse is up 73% on the start of the year underpinned by the best year for oil revenues in two decades.
Moreover, the good news on oil prices continues to flow. Last week's decision by Opec to cut output by 900,000 bpd gave oil prices an immediate fillip.
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Saudi stocks regain a measure of stability
- Saudi Arabia: Saturday, October 04 - 2003 at 11:45
Higher oil prices helped to bolster support for Saudi stock prices last week, and good financial results could yet send the bourse higher still.
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Peter J. CooperSaturday, October 04 - 2003 at 11:45 UAE local time (GMT+4)
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This article was updated on Tue Feb 06 2007.
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