Saudi stocks surge to 6-year high after launch of ‘Shareek’ program

Saudi stocks surge to 6-year high after launch of ‘Shareek’ program

RIYADH — Saudi Arabia's benchmark Tadawul All Share Index (TASI) surged 2.8 percent or 272.48 points, to 9,907.82 points on Wednesday, registering the highest close since November 2014, with trades amounting to SR16 billion.The jump in the stock market coincides with the launch of a program to strengthen the partnership with the private sector titled “Shareek” or “Partner” by Crown Prince Muhammad Bin Salman on Tuesday. The program aims to enable Saudi companies to access local investments worth SR 5 trillion by the end of 2030.The stock index gained 14 percent, or more than 1,200 points, in the first quarter of 2021, compared to the last quarter of 2020. The total turnover reached SR16.3 billion, while the advance-decline ratio stood at 122:75.The main Saudi stock index achieved the largest gains in 11 months, as the market continued its rise for the fourth consecutive session. The parallel Saudi stock index Nomu rose Tuesday 140.12 points, to close at 24291.91 points, with trades amounting to SR21 million, and the number of traded