22 Hrs
Source:
الاقتصادية
Ma'aden boosts TASI for second day
The Saudi Market Index "TASI" recorded a modest increase of 0.3%, closing at 10,845 points. This was primarily driven by a 5.4% rise in the "Maaden" share following the announcement of its second-quarter results, which showed a 13% growth in profits, reaching 2.18 billion riyals. This boosted demand for the materials sector and generated liquidity exceeding 5.3 billion riyals, a 65% increase over the 21-day average. Despite the market's rise, the index still needs to surpass the 200-day moving average level at 10,978 points to sustain the recovery. Performance was also affected by declines in banking shares such as "Al-Rajhi," "Al-Awwal," and "Al-Ahli," which limited gains despite strong growth in the materials sector. The session indicates that the market is assessing financial results relative to expectations, with both positive and negative surprises impacting stock reactions. The reporting companies collectively posted profits of 2.6 billion riyals, representing approximately a 12% increase.
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