Saudi stocks could gain as much as 20 percent by early 2019, according to a top brokerage.

Jadwa Investment said it was “totally plausible” that the Tadawul All Share Index could breach the 10,000 points barrier by early 2019. It stood at 8,367.70 at Thursday's close.

The Riyadh bourse has gained about 17 percent so far this year, beating other measures including the Nasdaq, S&P 500 and the MSCI World Index.

"What is more impressive is that this performance has come at a time when emerging market equities have seen some pullback, with global fund investors decreasing their emerging market bond and equity allocations in recent months," Jadwa said in a note to clients.

The Tadawul secured its third major upgrade of the year this week when S&P Dow Jones Indices said it would award it emerging market status. It follows similar moves by the FTSE and MSCI index compilers.

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