22 Hrs
Source:
الاقتصادية
Saudi Market Faces Cautious Week
The Saudi stock market is currently facing a more sensitive week after a three-week period of positive momentum, which was the longest in four months. Although the main index, "TASI," ended the week up by 1.2% at 10,954 points, most of the gains occurred in a single session, followed by a slowdown in movement. The market has failed to hold above the key resistance level of 10,960 points. Data showed that weekly trading value decreased by 6% to approximately 21.4 billion riyals, despite the rise in the index, which reduces the supportive momentum for continuing the upward trend. Additionally, the market has not achieved a new high after three weeks of gains, with momentum remaining weak. The decline in liquidity adds to the cautious outlook, as the drop in trading value despite rising prices indicates weak underlying demand. This suggests that current gains may not be sustainable without changes in fundamental factors, especially since earnings expectations have remained steady without significant improvement, amidst a high-interest-rate environment and competitive bond yields.
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