Tasi beats Fed but gravity stable

Saudi stocks stabilized at the end of today's trading session after the U.S. Federal Reserve raised interest rates by a quarter of a percentage point, a decision the markets had largely anticipated. The Tadawul All Share Index (TASI) experienced a slight increase of 0.1%, reaching 10,792 points, with no significant changes in valuations or earnings expectations. Liquidity rose by 51% to approximately 5.27 billion riyals, following adjustments to the FTSE Russell indices, which typically lead to increased trading activity without necessarily involving new direct investments. The market's focus has now shifted to the attractiveness of stocks relative to bond yields, as valuations remain moderate. However, continued rises in bond yields could put downward pressure on equities unless corporate profits increase accordingly, especially since the index has declined by about 2.1% over the week. Although the wave of tension is beginning to ease, risks associated with changes in yield prices still exist, particularly if positive earnings expectations do not materialize.

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