Tasi drops 10,700 points amid bank pressure
The Saudi stock market experienced a sharp decline over the week, with the TASI index dropping by 0.4% to close at 10,699 points. This level is approximately 3% below the 200-day moving average and 9.2% lower than its annual high. The decline was primarily driven by pressures from the banking sector, despite performance being better than market expectations. Investors focused on profit quality, rising provisions, and a slowdown in the loan portfolio. Trading value reached 4.5 billion riyals, a 13% increase over the 21-day average, amid ongoing contraction of the index, which has lost 884 points over the past three months.
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