20 Hrs
Source:
الاقتصادية
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TASI stabilizes near support levels amid low liquidity
The Saudi market index "TASI" increased by 0.33% to close at 10,318 points after four consecutive sessions of decline. Investors are closely watching to maintain support levels around 10,200 points, which is the main zone for testing the upward trend since March 2023. The Jarir stock stands out after the company announced quarterly profits that exceeded analyst expectations by 15.1%, with revenues reaching 3.15 billion SAR. Margins also improved due to increased sales, especially in smartphones. Additionally, the Saudi Pipes stock rose following the signing of a 177 million SAR contract with Aramco, boosting future financial expectations. However, liquidity remains below the year's average, amounting to 3.28 billion SAR compared to a daily average of 4.79 billion SAR. This reflects weak financial activity despite the market rebound. Meanwhile, stocks face competition from government sukuk (Islamic bonds), which offer returns of up to 6%, compared to the market yield of 3.9%. This could impact stock valuations if profit growth expectations remain weak.
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