DUBAI: Saudi Arabia’s Tadawul All Share Index was up by more than 52 percent at the end of the first quarter from a year earlier as it edged closer to the 10,000 points barrier.

The market closed at 9,907.82 points at the end of the quarter with the total market capitalization up by more than 27 percent at SR9.63 trillion ($2.57 trillion) compared to a year earlier, the bourse said in a filing.

The total value of shares traded during the fist quarter reached SR697.5 billion, up by more than 155.5 percent over the year-earlier period.

Meanwhile the total number of transactions executed during the first quarter reached 27.59 million compared to 12.19 million trades a year earlier.

A stronger oil price and the return of investment to emerging markets has helped drive regional stock indexes such as Saudi Arabia’s Tadawul this year.

S&P Global Ratings increased its 2021 growth forecast for emerging markets (excluding China) to 6.4 percent this year compared to 5.4 percent contraction in 2020.

“Overall this suggests that the level of output in emerging markets will be 1.2 percent higher in 2022 than in our previous expectations,” S&P said.