Tasi faces three-month low amid rising costs

The Saudi stocks continued their losses for the seventh consecutive week, marking the longest decline streak in about three months. This was driven by rising capital costs for both long-term sukuk yields and the SIbor rate, which increased downward pressure on stock valuations. The Tadawul All Share Index (TASI) closed down 0.8% at 10,599 points, about 3% below its 200-day moving average and nearly 4% away from its lowest levels in a year. These declines were accompanied by an 11% rise in trading values to 3.6 billion Riyals, though still 17% below the average. Yields on Saudi 10-year sukuk increased to 5.83%, while the three-month SIbor rate rose to 5.22%, raising borrowing and equity costs without offsetting the positive earnings expectations of companies. The energy sector was an exception, experiencing a slight increase supported by Aramco, which demonstrated resilience amid challenges by boosting exports. Conversely, sectors such as basic materials, banking, insurance, and technology services declined, with notable losses in stocks like Al-Rajhi and Ma’aden.

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