Saudi market tests 11,000 point level
The share price of Saudi Aramco exceeded profit expectations for the second quarter of the year, contributing to an improved financial performance of the Saudi market and reducing the price-to-earnings ratio to its lowest levels in three years at around 15.8 times. Despite this, the TASI index remains about 8.2% below its yearly high, currently hovering near 10,800 points, with the potential to reach 11,000 points if company results continue to be positive and liquidity improves. However, the market faces challenges from profit-taking pressures, and sustained upward movement will require broader participation of stocks and improved earnings expectations to ensure a sustainable trend.
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