Saudi market performance and TASI outlook
The Saudi stock market experienced mixed performance during Tuesday's session, as oil prices rose significantly, with Brent crude approaching $100 per barrel. Meanwhile, the "TASI" index merely edged up to around 11,030 points. Experts explained that the impact of rising oil prices on the market is not solely dependent on the price level but also on the reasons behind the increase, such as geopolitical escalation and supply risks. These factors support energy stocks and Aramco but also elevate market risks and diminish investor appetite. Additionally, the rise in oil prices does not benefit all sectors equally; it can increase transportation and operating costs, while petrochemical profits depend on demand margins and global markets. The market saw declines in 164 companies versus gains in 91, with cautious liquidity reaching approximately 2 billion riyals. The index's support remains around 11,000 points, but a breakthrough above 11,050 and then 11,100 points—with strong liquidity—is needed to confirm an upward trend. The situation calls for increased participation from other sectors, such as banking and basic materials, to stimulate market movement.
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