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The prospects for the Saudi stock market remain strong in the medium term due to robust national growth and strong corporate profitability, top economists and traders said as the Tadawul All-Share Index (TASI) rose to a five-year high on Thursday.
The index climbed 74 points or 0.9 percent to 8,263 points, its highest level since September 2008.
“At current prices, the market is fairly valued so any upside will have to be carefully examined in terms of sustainability and liquidity,” John Sfakianakis, chief investment strategist at Masic in ��������Ƶ, told Arab News.
Faisal Alsayrafi, president of Financial Transaction House, said: "Investors are returning to the Saudi market because the fundamentals are very strong compared to other regional markets.”
He also said the available liquidity “is very high”.
Alsayrafi added: There is an increase of 60 to 65 percent in liquidity this year compared to last year.”
He said SABIC’s movements weighed on the main index. Saudi Basic Industries Corp. (SABIC) added 0.7 percent on Thursday.
He said: “SABIC shares were fluctuating in a narrow range for sometime. Now SABIC shares are showing some positive upward trend.”
Any increase in US stock markets also bodes well for the Saudi exchange, he told Arab News.
US stocks pulled back on Thursday from Wednesday’s record levels.
According to Reuters, the key Saudi index will have to post two consecutive gains above the previous peak of 8,223 points — hit in August this year — to confirm a breakout.
Commenting further on Thursday’s Tadawul peformance, Sfakianakis said: “With a 21 percent year-to-date performance, the Saudi market has largely achieved a valuation to catch up with its historical average ranges.”
Basil Al-Ghalayini, CEO of BMG Financial Group, said the physiological effect of Twitter’s debut floatation also contributed to positive market sentiment here.
Several factors have made a positive impact on investors’ confidence in Tadawul, he said. The recent announcement about two new IPOs in the Saudi market planned before the year-end and US Secretary of State John Kerry’s recent visit to Riyadh to restore the longstanding US-Saudi relationship also boosted market sentiment, he said.
The availability of liquidity in the hands of investors is adding strength to the market, said the CEO.
Banking shares index rose 1.1 percent on Thursday and the petrochemical index climbed 0.6 percent. Together, the two sectors make up 65 percent of the market’s total value.
Al-Rajhi Bank added 1.7 percent.
Saudi Telecom Co. surged 6.4 percent to a four-and-half-year high. The firm last month posted a surge in earnings and beat forecasts, Reuters reported.
At the end of last month, TASI closed at a level of 8,044.47. It gained 79.56 points (1 percent) over the close of the previous month. 
On an YTD basis, TASI registered a positive increase of 18.28 percent (1,243.25 points). The highest close level for the index during October was 8,170.75. This was achieved on Oct. 24.