Sibor increase boosts TASI liquidity rises 54

The Saudi stock market experienced a decline in performance during today's session, amidst widespread selling pressures affecting most companies and sectors, which wiped out the gains from the previous session. The Tadawul All Share Index (TASI) fell by 1.86%, closing at 10,124 points. There was a significant drop across 20 out of 22 sectors. Meanwhile, trading volume increased by 54%, reaching 3.6 billion Saudi riyals, driven by notable activity in banking and leading stocks. Liquidity surged considerably, with bank transactions, especially those of Al Rajhi Bank, exceeding 960 million riyals. The 3-month SIBOR rate rose to 5.87%, bringing renewed focus on borrowing costs and their impact on the market. Despite the price declines, the price-earnings ratio (P/E) for the TASI decreased to approximately 13.9 times, with earnings expectations remaining stable. This indicates a reduction in valuations while the projected profits remain steady.

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