Saudi stocks return to pre-pandemic trading level

Saudi stocks are back to their pre-pandemic trading level

Strategic Asset Service Alliance between “BNY Mellon” and “AlAhli Capital”


Wednesday – 20 Safar 1442 AH – 07 October 2020 AD Issue No. [
15289]

Saudi stocks return to point recovery for pre-pandemic trading level (AFP)

Riyadh: «Middle East»

The Saudi market index ended trading yesterday, up 1.3 percent at 8,369 points, up by 111.6 points, recording the highest closure in more than 8 months, that is, before the outbreak of the Corona pandemic in the region and the imposition of the general closure, amid trades with a total value of about 11.7 billion riyals (3.1). Billion dollars), confirming the high daily average liquidity.
Shares with weight and influence in the general index led the rise in the financial market yesterday, as transactions witnessed a rise in most of the shares, most notably the shares of “Al-Rajhi Bank” by 1.7 percent at 66.80 riyals, and the share of “SABIC” rose by 0.57 percent at 88.80 riyals.
A recent report issued by “KAMCO Invest” on the Saudi financial market confirms that the gains recorded in the Saudi stock market contributed to reducing the rate of decline of the index since the beginning of the year, referring to the recovery of the Saudi Stock Exchange to the sectoral performance that showed growth in all sectors without exception.
According to the report, the investment and finance sector index came to the fore, with monthly gains of 19.8 percent last September, while the insurance sector stocks recorded their data in the forefront, as 4 companies from the sector came in the list of winners of the top five companies in the Saudi market. For the past month.
On the other hand, AlAhli Capital – licensed by the Capital Market Authority – revealed yesterday the conclusion of 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.
BNY Mellon and Al Ahly Capital announced that the alliance includes providing AlAhli Capital’s clients with the local expertise that the company enjoys as the largest custodian and asset manager in the Kingdom, in addition to providing them with the opportunity to benefit from the global custody services provided by “B NY Mellon, as well as asset, data and technology services.
Todd Gibbons, CEO of BNY Mellon, said: “We are looking forward to working to support the financial and social programs that the Kingdom has adopted as part of the transformation process, by exchanging experiences, harnessing resources and taking advantage of the capabilities from our new alliance.”
“As the largest investment company and asset manager in the Kingdom, we look forward to working with (BNY Mellon) to advance custody solutions and securities services in line with our commitment to developing the financial sector in Saudi Arabia based on Vision 2030,” said Sarah Al-Suhaimi, CEO of AlAhli Capital.
BNY Mellon is a global investment company that focuses on managing and serving financial assets throughout the investment cycle through its financial services to institutions, companies and individual investors. This company provides investment and wealth management services based on scientific foundations in 35 countries. As of the middle of this year, the company was dealing with $ 37.3 trillion in assets under custody and management.

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The Saudi economy

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