22 Hrs
Source:
الاقتصادية
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Al-Rajhi Delays Impact of Rising Stocks
The Saudi stock market experienced a volatile session, with the "TASI" index closing at 10,681 points, down by a slight margin of about one point. However, the majority of stocks and sectors saw gains, while the decline of 2.42% in the Al Rajhi Bank share tempered the overall positive trend. After accounting for the dividends announced by the bank, the actual decline in the share price was approximately only 0.5%. The market is suffering from a dual fluctuation, as the rise in short-term financing costs due to the increase in the SIBOR and the decline in long-term sukuk yields generate conflicting effects on stock valuations and profits. Meanwhile, debt levels remain around 74% of shareholders' equity. Despite oil prices dropping to their lowest in two weeks, its impact on the market remains unclear, as it could support valuations by reducing inflation and easing monetary tightening. The index level at around 10,700 points reflects a valuation balance rather than a guaranteed floor, with low liquidity and no strong shift in risk appetite. This makes market performance dependent on the balance of financial and monetary factors as well as corporate profitability.
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