TASI climbs past 10,500 points but funds lag behind

The Saudi stocks rose at their highest pace since the end of August, with the "TASI" index closing up by 1.1% at 10,506 points. Most of the gains were realized at the opening, amid limited trading activity valued at 2.3 billion riyals—a 52% decrease compared to the previous session. Despite the index's rise, trading liquidity did not match the strength of the price movement, indicating that the increase was driven by a decline in supply rather than new demand. The market continues to trade at a earnings multiple of around 15.5 times, with dividend yields lower than the long-term government bond yields. This suggests that current valuations are less attractive despite falling prices, but the high cost of capital limits the prospects for an improvement in economic value.

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