24 Hrs
Source:
الاقتصادية
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Tasi gains slow pace amid stock sorting
The Saudi stock index "TASI" continued its upward streak for the fourth consecutive session, despite a more selective tone and weaker momentum compared to the previous day. The index closed at 10,858 points, after approaching the 10,900 level during trading but losing some gains to close below its highest levels. This indicates sustained demand amid limited selling at higher levels, with the market shifting towards more selective trading among individual stocks as second-quarter earnings results accelerate. Additionally, liquidity remained high, with trading value reaching around 6 billion riyals, primarily focused on major energy companies, especially Aramco, which led trading with a value of 505 million riyals. In terms of sectors, energy and telecoms experienced declines, while other sectors such as banking and basic materials posted gains. The market seems to react more strongly to company results and analyst forecasts, as seven out of ten companies reported earnings that deviated from expectations. This reflects varied investor reactions based on each company's performance and future outlook.
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