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Mining and utility stocks drive Saudi market decline
A report on the performance of the Saudi stock market shows that the TASI index closed slightly higher by 0.13% at 10,925.69 points, although some major stocks experienced declines. The biggest losers were mining companies, with the major mining factories (Ma'aden) stock dropping by 4.35%, and the Jubail and Yanbu Electricity and Water Company shares decreasing by 3.57%, due to fluctuations in metal prices and evaluation of investment portfolios. Additionally, Saudi Aramco's base oils stock fell by 2.55%, amid a slowdown in industrial demand. Real estate stocks and REIT funds also declined as investors awaited the impact of interest rate changes. Overall, the market reflects volatility in performance, with continued pressure on specific sectors driven by both global and local changes in metal and energy prices.
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