Saudi investors yesterday responded to last week’s rally in global markets by lifting the Tadawul 2 per cent from Wednesday’s close.
The Saudi market was closed during the rally on world exchanges on Thursday and Friday. Having watched from the sidelines as signs of vigour emerged in global equities and oil prices, buyers yesterday raised the Tadawul for the 11th straight session. The index is up almost 15 per cent since March 11.
“I believe Saudi investors are responding to some of the good news in the global markets and economy that we have heard since Wednesday evening, when the Saudi markets were closed,” said Udo Schaeberle, the director of private clients in the Gulf for the German wealth management company BHF Bank.
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