Saudi stock market hit an all-time high as the Tadawul All Share Index (TASI) climbed 11.49 percent, the largest weekly increase in the market's history, to close on Thursday at 11,694.84 points, Arab News reported today.
At the same time, the total value of shares exchanged on the bourse reached more than SR83 billion ($22 billion) compared to $21 billion last week.
The hike in stock prices came following the Saudi Cabinet announcement that GCC citizens would be given equal treatment in purchasing and exchanging shares of companies listed on the Saudi bourse and establishing companies. Previously, investment in the stock market was restricted to Saudis. Another important factor, according to analysts, was the steep rise in oil prices, which crossed $58 per barrel.
Saudi shares also surged vigorously this week, driven mainly by Saudi Basic Industries Corp. (SABIC) and the Saudi Telecom Co. (STC).
