Al-Rajhi obscures effects of rising firms on Tadawul

The Saudi stock market experienced a delicate balance today, with the "TASI" index closing at 10,681 points, down slightly by about 0.01%. Nonetheless, most sectors ended the day with gains, led by transportation with a 1.95% rise, utilities at 1.59%, real estate at 1.17%, and insurance at 1.1%. The main reason for the index's decline was a drop in Al Rajhi Bank's share by 2.42% after announcing dividends of 1.26 riyals per share, which caused some value to exit the share price. When adjusting for the impact of the dividend distribution, the actual decline in the share's value was less than the apparent percentage, indicating a better performance for investors in the market. Currently, the market faces challenges from rising short-term financing costs and higher interest rates, combined with declining long-term sukuk yields, which complicates asset valuations and impacts company performance. At the same time, oil prices fell to their lowest in two weeks, negatively affecting energy companies but potentially easing inflation and reducing bond yields, thereby indirectly supporting stock valuations. Overall, at the current closing levels, the index is approaching a valuation equilibrium zone, but liquidity remains weak. Continued reliance will likely be on balancing long-term yields, borrowing costs, and companies' ability to maintain profits to ensure market stability.

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