Toby's stock reaches record low amid correction efforts

The share of Al-Ardh Al-Mutqan Commercial Services Company (Toby) recorded an unprecedented decline, reaching 4.76 riyals, the lowest level since its listing, as a result of intense selling pressures that began last year. However, during the recent session, the stock experienced an increase supported by buying activity and a rise in trading volumes, which may indicate an attempt by buyers to regain control. The stock is expected to face resistance at 4.88 riyals, and if it manages to break through and remain above it, trading could move towards higher levels between 5.00 and 5.07 riyals. There is also a potential for continued risks if the stock fails to maintain support at 4.76 riyals, which could lead to a further decline toward 4.50 riyals.

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