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TASI Index dips slightly amid cautious trading
The Saudi Stock Market (TASI) concluded Thursday's session with a slight decline of 0.02%, or a loss of 2.02 points, reflecting increased caution and weakened buying momentum following the Central Bank's decision to raise the repo rate by 25 basis points in line with the US Federal Reserve's rate hike. This move heightened borrowing costs and made fixed-income instruments more attractive. The market exhibited a balanced movement, with 137 companies rallying and 123 declining, and a trading volume of 5.27 billion riyals, with limited fluctuations during the session. Performance was mainly driven by speculation in energy sector stocks and high-yield stocks, while retail and real estate fund sectors experienced declines. Conversely, pharmaceutical stocks saw a notable rise of 5.66%, buoyed by strong performances from some companies. Saudi Aramco traded heavily, reaching historic lows for several stocks during the session.
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