A survey by SNB Capital showed that fund managers now expect the Saudi stock market to rise in the last quarter of this year, as the percentage increased from 30% to 37%, while the percentage of those who expect the market to decline fell from 35% to 30%. %.

Most investors expected higher interest rates and inflation to be the main market drivers, followed by oil prices.

Fund managers’ expectations indicated that oil prices would fluctuate between $70 and $80 per barrel, lower than previous expectations that oil prices would be the main driver of the stock market and fluctuate between $80 and $90 per barrel.

In addition, 30% of fund managers believe that the Saudi Arabian market is below its fair value, the highest percentage since the launch of the SNB Capital study.

As for the sectors that are expected to grow, according to the survey, it is the construction sector, while the sectors that may decline are petrochemicals and retail.

As for the growth of the Saudi Arabian economy, the expectations of fund managers indicated GDP growth of 3.1% in 2023.

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