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Saudi stocks decline on profit-taking
The Saudi Financial Market (TASI) experienced a decline in the stock prices of 10 major and mid-sized companies during the trading session, despite the general index closing at 11,259.9 points. The most notable losses were seen in Bawan Company, whose shares fell by 4.11% to close at 2.1 riyals, with trading valued at 27.74 million riyals through 12.99 million shares. Additionally, Petro Rabigh’s stock decreased by 3.55%, and Makkah Provision Company’s shares dropped by 3.48%. There were also declines in sectors including energy, printing, technology services, oil drilling, retail, and insurance. Most of these declines were driven by selling pressures and profit-taking, despite there being no negative statements from the companies. These movements are mainly attributed to technical factors and the reallocation of liquidity within the market.
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