Shares of 10 companies listed in the Saudi stock market have reached their highest price levels since 2006. The wave of increases in the market has led to the return of stock prices for some companies to historical levels, as well as several recording their highest levels since their listing, according to Al-Eqtisadiah newspaper.
The list of companies that returned to levels seen in 2006 includes "Al-Masafi", "Al-Drees", "Cisco", "SASCO", "Al-Rajhi Bank", "Al-Jouf Agricultural", "STC", "Al-Bilad", and finally "Takamul" and "Nadec". The gains of these stocks since the beginning of this year ranged between 14.6% and 154%, increasing the market capitalization of these companies by approximately 109.75 billion riyals during the period, equivalent to 25.3% of their average market values.
Additionally, six companies recorded historical levels for their stocks during this year: "Extra", "Petrochem", "Jarir", "Al-Muwasat", "Al-Rajhi Takaful", and "Advanced", all of which have been listed in the market for over 10 years.
The Saudi market continues to witness a sustained increase since the low of March 2020, with the general index surpassing the 10,000-point mark for the first time since November 2014 at the beginning of April, compared to the level in March 2020 at 5,959 points, reflecting an increase of 70% or over 4,150 points.
For the ten companies' stocks, the best performer since the beginning of the year was "Al-Jouf Agricultural", which increased by about 154%, raising the company's market value by approximately 1.7 billion riyals, followed by "Al-Masafi" with an 82% rise, and "Cisco" with a 39% increase.
The increases for "Takamul", "Al-Rajhi Bank", and "Nadec" stocks reached about 30%, with the market standard increase for Al-Rajhi Bank’s stock amounting to around 58 billion riyals. The stocks of "Al-Bilad", "STC", "SASCO", and "Al-Drees" recorded the lowest increases among the monitored stocks, with gains ranging between 14.6% and 28.7%.
Moreover, many of the listed stocks in the local market are still racing to reach historical price levels, whether over five years, ten years, or more, including stocks like "Lujain", "Fattahi", and "Advanced", which are trading at prices from 2007 and 2008. Additionally, "Wafra" stock is trading close to 2006 levels, although it achieved that at the end of last year, but has declined this year below those levels.
