TASI drops as pharma and energy outperform
The Saudi Tadawul (TASI) index declined by 0.74%, closing at 10,283.96 points, influenced by a decline in most sectors amid geopolitical developments and heavy foreign selling. Despite the overall drop, the pharmaceuticals and energy sectors saw gains of 0.39% and 0.24%, respectively, while the media and entertainment sector experienced the largest decline of about 2.09%. The market is affected by a liquidity shortage, which sometimes falls below 2.5 billion riyals, and by foreign investors moving their funds to international markets due to the geopolitical situation. There is potential for the market to recover if tensions ease. Experts support the index at the 10,300-point level, with expectations that increased liquidity and geopolitical calm could push the index higher.
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