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TASI falls 1.30% amid sector declines
The Saudi Stock Market Index (TASI) closed on Sunday with a decline of 1.30%, recording a drop of 142.7 points to finish at 10,864.57 points. The decline was influenced by pressure from the utilities, basic materials, and energy sectors, all of which experienced notable declines. The selling pressures were concentrated on individual stocks, with the prices of 221 companies falling, while only 42 companies saw gains. This was coupled with a state of tension stemming from global geopolitical developments and the anticipation of U.S. interest rate decisions, which negatively impacted the market. Although trading volume increased to 3.83 billion SAR, it was accompanied by selling activity, reflecting a cautious investor mood. It is worth noting that market performance is heavily linked to geopolitical fluctuations and oil prices, which rose to around $104 per barrel, supporting certain energy sectors. However, geopolitical risks—including potential closures of the Bab el-Mandeb Strait and the Strait of Hormuz—had a negative effect across most sectors. Expectations of ongoing tensions suggest that the market's recovery and stability may continue to be impacted.
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