Saudi stocks hit 7-week high backed by Aramco

Saudi stocks rose broadly and closed at their highest level in 7 weeks, with the Tadawul All Share Index (TASI) increasing by 0.9% to reach 10,920 points. The gains were supported by the rise of most companies, especially Aramco, which experienced a 1% increase. These gains came despite a 23% decline in trading value, dropping to 3.4 billion riyals, indicating that the market continued to advance despite lower trading activity. The market may face resistance at the 10,960-point level, and the continuation of the upward trend depends on improved earnings expectations for companies in the second half of the year.

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