Foundation Day: National Celebration Ignites Saudi Stock Market with Unprecedented Economic Momentum
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Amid nationwide celebrations marking the 39th anniversary of the Kingdom’s foundation, the Saudi stock market’s main index, TASI, rose 1.2% to close at 11,890 points—its highest level in three months—reflecting investor confidence in the stability and diversification of the national economy. Major corporations, particularly in the energy, services, and logistics sectors, witnessed strong buying activity, with more than 70 of the top 100 listed companies recording daily gains, according to data from the Capital Market Authority.
Among the top performers, Saudi Aramco shares climbed 1.5% to reach SAR 37.85, while Saudi Telecom Company (STC) gained 2.1%. Saudi Basic Industries Corporation (SABIC) extended its winning streak for the third consecutive month, rising 1.8%. This positive momentum is attributed to rising demand for shares of financially robust companies and the supportive economic policies under Vision 2030, which prioritize sustainability, innovation, and non-oil sectors.
Dr. Samer Al-Harbi, Head of Financial Analysis at the National Investment Group, noted, “Foundation Day is no longer merely a historical commemoration—it has become a psychological and economic indicator that drives the market toward positive anticipation. The celebration of national identity is directly linked to investor confidence in the economy’s future.” He added, “This year, we see a powerful alignment between honoring foundational achievements and realizing sustainable growth indicators, reinforcing expectations of further gains in the coming months.”
According to Capital Market Authority data, the total traded market capitalization on Foundation Day reached SAR 15.6 billion—the highest single-day volume recorded in the first quarter of this year, marking a 34% increase compared to the average daily trading volume over the past three months. Trading activity in the retail and hospitality sectors surged by 41%, driven by heightened local consumer spending and increased participation in promotional offers tied to the occasion.
Historically, the foundation of the Saudi state traces back to 1727, when Imam Muhammad bin Saud established the Emirate of Diriyah—the first nucleus of a unified Arabian Peninsula. This evolved through three key phases: the First Saudi State (1744–1818), the Second Saudi State (1824–1891), and the Third Saudi State, officially established in 1932 when King Abdulaziz proclaimed the unification of the Kingdom. In 2022, February 22 was formally designated as “Foundation Day,” marking the first official national celebration honoring the Kingdom’s origins centuries before its modern establishment.
Financial markets responded with unprecedented engagement: over 40 listed companies launched awareness campaigns and special promotions aimed at strengthening national loyalty and connecting economic performance with national identity. Among these initiatives, Riyadh Development Company announced a SAR 10 million donation to support national heritage projects, while Riyad Bank launched a dedicated account titled “We Contribute to Your Foundation” to finance small and medium-sized enterprises.
By day’s end, the Saudi market demonstrates that the national economy is growing not merely through resource wealth, but through historical legacy and collective trust in leadership and future vision. Foundation Day is no longer just a memory—it has become a catalyst for growth and a mirror reflecting the Kingdom’s unique ability to bridge authenticity with modernity, between a proud past and ambitious future.
صحيفة عكاظ اليوم ، موقع إخباري شامل يهتم بتقديم خدمة صحفية متميزة للقارئ، وهدفنا أن نصل لقرائنا الأعزاء بالخبر الأدق والأسرع والحصري بما يليق بقواعد وقيم الأسرة السعودية، لذلك نقدم لكم مجموعة كبيرة من الأخبار المتنوعة داخل الأقسام التالية، الأخبار العالمية و المحلية، الاقتصاد، تكنولوجيا ، فن، أخبار الرياضة، منوعات و سياحة.
