18 Hrs
Source:
الاقتصادية
Internal causes drive TASI to 5-month low
The Saudi stock market experienced a significant decline today, Wednesday, as the Tadawul All Share Index ("TASI") dropped by 1.26%, closing at 10,544 points, marking its lowest level in five months. This decline was driven by increased pressure on the banking sector, especially the 4-5% drop in shares of "Al-Ahli" and "Al-Riyad" following the decision to adjust cash dividends. Additionally, shares of "Al-Rajhi," "Al-Arabi," "Al-Bilad," "Al-Awwal," "Al-Inma," and "Al-Jazeera" also declined amid tensions related to liquidity costs, driven by the rise in the "SIBOR" rate to its highest level since March, ahead of the U.S. Federal Reserve's upcoming decision. The market also saw a downturn in the performance of major companies such as "SABIC," which reported quarterly losses, further increasing pressure on the overall market despite higher liquidity and trading volumes exceeding 5.2 billion riyals. The market remains cautious, with a lack of clarity regarding upcoming monetary policies.
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