(Bloomberg) -- Saudi Arabia's main equity index is poised to be the first in the Gulf to erase losses accumulated in 2020 as local investors shrug off low oil prices and boost their exposure to stocks.
The Tadawul All Share Index advanced as much as 0.3% on Monday, climbing above its closing level on Dec. 31. Saudi Basic Industries Corp., Saudi Telecom Co. and Banque Saudi Fransi provided the biggest boost to the market by index points.
While the Saudi index is outperforming peers in the oil-rich neighborhood as investors seek alternatives in a low interest rate environment, it is just catching up with other equity gauges amid a recent surge in global markets.
The MSCI Emerging Markets Index, which has a more than 50% weighting in Asian stocks, erased 2020's drop late last last month. Other emerging makets that have already traded in the green for the year include South Africa and Turkey.
Read more here about Saudi retail investors flocking to local stocks.
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