22 Hrs
Source:
الاقتصادية
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TASI drops 1.7% amid Steel rally
The Saudi Stock Market Index "TASI" declined by 1.74% during Wednesday's trading, closing at 10,139 points after losing 179 points. Despite this, trading value increased to 3.9 billion riyals, up 19% from the previous session. Most sectors retreated, led by banking and energy. Despite this decline, the "National Steel" stock achieved extraordinary gains of 93.4% over seven sessions since its transition to the main market, raising its market value to approximately 639 million riyals. Meanwhile, Saudi equities face increased competition from government sukuk, which yielded 6.23% over ten years, surpassing the cash yield of stocks at 4%. The SARIBOR (Saudi Interbank Offered Rate) rose to 5.56%, amid rising US inflation to 3.7% in September, with expectations of further monetary tightening.
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