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Saudi stocks fall on profit-taking
The Saudi Stock Market (TASI) experienced a decline in the share prices of 10 major and medium-sized companies, despite the index closing at the level of 11,259.9 points. The decline was caused by selling activities and profit-taking, with the share of Bank Albilad dropping by 4.11% to close at 2.1 riyals, with a traded value of 27.74 million riyals through 12.99 million shares. Additionally, the share of Petro Rabigh decreased by 3.55%, closing at 17.4 riyals, and the share of Makkah Utilities (Mawgif) fell by 3.48%, ending at 43.24 riyals, with high trading volumes. This was accompanied by declines across various sectors such as printing and technical services, drilling and oilfield services, retail, insurance, and manufacturing, due to an increase in sell offers compared to buy orders, despite no negative disclosures from the companies. These declines stem from technical movements by investment portfolios and repositioning of liquidity within the market, reaffirming a general technical correction in the Saudi market.
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