15 Hrs
Source:
الاقتصادية
Banks drive TASI to longest decline in 3 months
The Saudi stock market ended today’s session after a seven-day losing streak, registering a gain of 0.8% with the main index "TASI" closing at 10,682 points. The rise was primarily supported by leading stocks such as Al Rajhi Bank, the National Commercial Bank (Al Ahli Saudi), and Aramco, which contributed significantly to the positive move. Despite this rally, liquidity remains weak, with trading value dropping to approximately 2.5 billion Riyals—below the average of the past 21 days—indicating that the market still requires more signals to confirm a trend reversal. On another note, the three-month SAIBOR rate fell to 5.07%, but the yield on Saudi ten-year bonds remained high at 5.88%, exerting pressure on stock valuations and reflecting a divergence between short-term and long-term borrowing costs.
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