TASI Ranks 2n to none as the Best Performer among Global Markets

The Saudi stock exchange main Tadawul All Share Index  “TASI” recorded an increase of 9% in January, advancing to its highest level in 15 and half years, Jadwa Investment company revealed, adding that in terms of comparison, the strong monthly performance of TASI has made it the best index in regional as well as global markets.

Looking ahead, in February or so, it is expected that the positive mood of investors, caused by the rise in oil prices to a multi-year high, in addition to the expected initial public offerings, will support some upward momentum in the Saudi index.

Brent blend prices increased by 18%, as well as West Texas crude prices by 16%, on a monthly basis, in January, bringing their average prices to $88 per barrel and $83 per barrel, respectively, recording their highest level in 7 years, according to Jadwa.

Adding that although part of this rise is related to the decline in concerns about the impact of the Omicron on global oil demand, but it is also due to several significant geopolitical events in major oil-producing countries, and the decline in levels of commercial crude stocks.

Data for the Year 2021 as a whole indicates that the Kingdom’s average production of crude oil amounted to 9.1 million barrels per day, down 1.3% from the level of production, in 2020, and it is expected that Saudi Arabia’s production will rise by 13%, on an annual basis, to reach 10.3 million barrels per day, on average for 2022 as a whole.

On the other hand, Jadwa has revised its estimates of Brent blend prices for the Year 2022 as a whole, by raising it to $76 a barrel, compared to $71 a barrel, in previous forecasts.