Saudi Arabia’s stock market index yesterday reached 8,000 points, a new record, on the basis of investor optimism that strong oil prices and corporate profits will extend into next year.
The index closed at 8,086.29 points, a gain of 82% since the beginning of the year, after rising 76% in 2003.
Economists attribute the rise to rapid growth in revenues and surging corporate profits, which are fuelled by high oil export earnings.
Source: SPA
