77 Days
Source:
الاقتصادية
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Saudi stocks end five-month rally on Aramco concerns
The Saudi Stocks, represented by the "TASI" Index, ended the longest winning streak that had lasted five months, after experiencing a broad session of declines due to pressure from major company stocks, including Aramco and Acwa. The index fell by 0.7% to close at 10,811 points, marking its lowest level in a week. The pressure was centered across most sectors, particularly utilities, food supplies, and healthcare, with leading stocks such as Aramco, SABIC, and Mobily declining. Despite this, trading volume increased to 5.7 billion riyals, indicating strong selling activity. Valuations suggest the market remains 8.2% below its annual high and is testing support near 10,800 points. The prospects for continued fluctuations between gains and losses remain in the short term, although the improving corporate earnings continue to support the fundamentals despite the temporary pullback.
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