RIYADH: Saudi Arabia’s stock market edged up to its highest in nearly 14 years on Wednesday as oil prices rose.
Oil hit a multi-year high above $83 a barrel, supported by an OPEC+ refusal to ramp up production more rapidly against a backdrop of concern about tight energy supply globally.
The Tadawul All Share Index was 0.1 percent higher, with Al-Rajhi Bank rising 0.8 percent and Saudi Telecom Co. up 2.4 percent.
The global oil giant Saudi Aramco gained 0.7 percent.
Aramco will complete its 1 million barrel per day (bpd) oil output expansion project by 2027 to bring its total production to 13 million bpd, its CEO said on Monday.
Aramco also aims to expand its oil trading business to 8 million bpd over the next five years from its current 5.5 million bpd, he added.
Saudi Arabia’s non-oil private sector grew in September, with new orders rising at the fastest rate in seven years, a business survey showed, as a relaxation of COVID-19 restrictions on activity and travel boosted customer demand.
Liquidity in Tadwul, the main market amounted to SR8.4 billion and Aramco shares accounted for 13 percent of the total deals.
The parallel market index “Nomu” decreased by 36.05 points, or 0.15 percent, and closed at 23678.81 points. The liquidity amounted to about SR24.9 million.