18 Hrs
Source:
الاقتصادية
Saudi stocks hit five-week low
The Saudi stocks declined significantly, recording the biggest daily loss in five weeks, as the index fell by 0.8% to reach 11,012 points. The decline saw 194 companies decrease in value compared to just 63 that rose, and 18 sectors experienced a downturn. The banking sector led the decline, dropping by 0.9%, with large banks like Al Rajhi and Al Ahli contributing approximately 41% of the losses. Meanwhile, Aramco declined by about 10 points. Despite the drop in prices, market profit expectations have not changed significantly, remaining at a trailing price-to-earnings ratio of 14.4 times. Uncertainty continues regarding the realization of future profits that could support higher market valuations, with limited room for a new upward wave unless company performances improve.
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