Saudis Seek to Mimic Robinhood Craze to Escape Oil Price Dip
- This year’s top performers in the kingdom are not tied to oil
- Tadawul All Share Index is close to erasing losses for 2020
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The same global phenomenon that’s driving amateur traders into equity markets the world over is giving a boost to Saudi stocks at just the time they need it.
Similar to the Robinhood craze in the U.S., retail investors in the kingdom are piling into small and medium-cap stocks, driving average daily turnover to levels more than double those of a year ago. That’s helped propel a rally in the Tadawul All Share Index, which is poised to be the first benchmark in the Gulf to erase 2020 losses even as the world’s biggest oil exporter grapples with a tumbling oil price.