Saudi stocks stay at 11,000 point level
Saudi stocks rose today despite the release of data showing a contraction in real gross domestic product. The market responded selectively to the economic figures, with oil production declining but prices rising, while non-oil activity slowed down. The Tadawul Index closed up 0.1% at 11,036 points after a previous decline, with the gain driven by a limited number of large-cap stocks and supported by Aramco, despite weak liquidity and a 6% drop in trading volume. While real GDP is decreasing due to lower production, price increases are offsetting some of these declines through growth in nominal GDP, indicating that the market continues to demonstrate resilience at current levels despite sluggish activity and trading volume.
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