RIYADH, Oct 29: Saudi Arabia’s green light to join the World Trade Organization (WTO) is likely to boost shares at the start of the week but trading will slow ahead of the Eid holiday, traders said on Saturday.
The index of the Arab world’s biggest stock market closed the week up fractionally at 14,998 points on Thursday, or 83 per cent up from the start of the year on a booming economy and strong liquidity fuelled by high oil prices.
Economists say smaller Saudi businesses may suffer in the short term from greater international competition when the kingdom joins the WTO, but its vibrant petrochemical sector led by SABIC is expected to prosper.
The market will close for a week on Nov. 1 for the Eid al-Fitr holiday and traders say business is likely to wind down over the next few days.— Reuters
