oreign Investor Opening, Earnings Optimism Lift Saudi Market

RIYADH: Saudi Arabia led Gulf equity market gains in January as regional bourses outperformed most global benchmarks, supported by earnings optimism, strong non-oil growth prospects, and increased foreign investor interest, according to an analysis by Kamco Invest. The Saudi stock exchange recorded an 8.5 percent monthly gain — its strongest performance in five years — with the Tadawul All Share Index closing at 11,382.08 points. Kamco Invest said the rally was driven by expectations of strong fourth-quarter 2025 earnings, plans to open the market fully to foreign investors, and resilient economic growth outside the oil sector. In January, the Capital Market Authority announced that Saudi Arabia’s stock market would open to all categories of foreign investors from Feb. 1. The move included removing the Qualified Foreign Investor framework and abolishing swap agreements to facilitate direct investment. Market performance was led by Almasane Alkobra Mining Co., which rose 32.7 percent, followed by Saudi Arabian Mining Co. and Tourism Enterprise Co., gaining 26.8 percent and 23.4 percent, respectively. Trading activity also increased, with total volume reaching 4.9 billion shares, up 43.3 percent from December, while the value of trades rose 36.2 percent month on month to SR99.9 billion ($26.63 billion). Across the region, Oman’s exchange gained 7.9 percent, followed by Dubai at 6.4 percent. Boursa Kuwait declined 3.8 percent, while Bahrain edged down 1.1 percent. Kamco Invest said the MSCI GCC index rose 7.8 percent in January, marking its strongest monthly performance in nearly six years and closing at its highest level in more than three years. Globally, emerging markets outperformed developed economies, with the MSCI Emerging Markets Index gaining 8.8 percent. US and European markets remained volatile amid geopolitical and tariff concerns but ended the month with modest gains after a late rebound.