Riyadh - Sharikat Mubasher: A recent outlook for the Saudi capital market, released by SNB Capital, stated that 60% of fund managers believed the market is fairly valued within the third quarter of 2023, compared to 77% in the second quarter (Q2) of 2023.
The survey showed that the valuation among investment fund managers in the Kingdom is mixed and split between bullish and neutral; meanwhile, the bearish views increased.
The bullish and neutral views each represented 40% of the survey response, while bearish views rose to 20% from 10% in Q2-23.
Fund managers believed that oil prices, interest rates, and inflation will be the main market drivers, expecting oil prices to be at a range of $80-$89.9 in 2024.
Around 65% of managers expected the market earnings to rise in 2024, while the other 25% expected earnings to stay flat.
Those surveyed were optimistic about tourism and healthcare sectors, however, they were less bearish on petrochemicals sector.
SNB Capital is the investment banking and asset management arm of the Saudi National Bank (SNB), offering a punch of innovative Shariah-compliant financial products and services.
