Saudi Gazette report

RIYADH — Saudi Arabia' stocks on Wednesday recorded its highest closing since July 2006. The general index recorded its highest closing for the Kingdom after the rise of Saudi stocks at the end of Wednesday's session, which is the third session in a row.

The Saudi general index rose by 144.58 points or about 1.2% at the end of Wednesday' trading, to close at 12,495 points, while the liquidity recorded its highest level in two months, reaching SR10 billion.

It is noteworthy that the market value of the local market increased by about SR10.44 trillion at the end of Wednesday's trading, compared to the end of the previous session's trading, when it amounted to about SR10.54 trillion with gains of SR96 billion.

The rise of Saudi stocks on Wednesday was supported by the rise of the banking sector, as Al-Rajhi Bank and Alinma Bank shares continued to set record closings.

Additionally, Al-Rajhi Bank and the Saudi National Bank (NCB)' shares supported the performance of the general index after they rose by 2.2 and 1.1 percent.

STC's shares were also among the supporters of the increase in the Saudi stocks on Wednesday, as its shares rose by 2.4 percent.

The liquidity of the Saudi stock session was concentrated on the shares of Al-Rajhi Bank and Alinma Bank, in addition to Sadr.

While its liquidity came through the circulation of 243.45 million shares, in addition to executed deals that exceeded 446.5 thousand deal.

SABB Bank, meanwhile, has announced that it achieved a net profit of SR3.9 billion for the previous year in 2021, compared to a net loss of SR4.17 billion for the year 2020, which has included a decrease in the value of the goodwill by SR7.42 billion, as it closed the stock with a stability at the end of trading.

Shares of 147 companies rose during Wenesday's session, led by the newcomer, Elm, as it closed at 166.4 riyals, which rose to the maximum of 30, compared to the offering price of SR128 per share.

While 47 companies' shares fell, led by the shares of East Pipes, with a decline by 2.6 percent, which is the third session of the stock since it has been listed in the market.