Surprise Jump in Saudi Stocks Trading Volume to Benefit Exchange [BNN Bloomberg (Canada)]
DEUTSCHE BOERSE UNSP/ADR (DBOEY)
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Source: BNN Bloomberg
The average daily value traded on the Tadawul has climbed to 8.9 billion riyals ($2.4 billion), up 68% from 5.3 billion riyals in all of 2023, according to data compiled by Bloomberg. That's a “major positive,” according to Citigroup Inc. analyst Rahul Bajaj. “A large part of the 60%+ jump could be attributable to the full launch of high-frequency trading but also more active participation in the exchange by investors,” Bajaj wrote in a note on Thursday. He expects the trend of higher volumes to largely continue in 2024, with a gradual further increase in 2025 to 2026. Saudi Arabia has been growing its capital markets and looking to attract more foreigners, pushing for more companies to go public and offering different products such as options and futures. The rise of high-frequency trading — a type of algorithmic trading whereby a large numbers of orders are executed within seconds — is a big boost to liquidity on the exchange. Read more: Saudi Is the New China for Investors H
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