15 Hrs
Source:
الاقتصادية
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Taasi narrows losses to 9,927 points
The Saudi stocks trimmed their losses during the latest trading sessions, indicating a slowdown in selling pressures on the market. However, most companies are still trading below their 200-day moving averages, and 101 companies hit their annual lows. The "TASI" index closed down by 0.3% at 9,927 points, reflecting a slowdown in the decline after falling to its lowest level since 2021 at 9,855 points, with about 71 points recovered from the bottom. The number of companies experiencing significant losses compared to the previous session decreased. Data shows that approximately 75% of stocks closed in the red, though the better performance of some leading companies helped reduce overall losses. Additionally, the basic materials and banking sectors saw gains, and liquidity increased by 8.2% to 4.13 billion SAR. Banks dominated most of the activity, with trading volume rising by 82%, reflecting a divergence in the banking sector's performance. The decline in Saudi sukuk yields and interbank interest rates contributed to an improved valuation of stocks, as the 10-year sukuk yield dropped to 6.04%. Moreover, announced bank profits grew by about 5% in the third quarter. However, the market still faces challenges related to growth expectations and interest rate fluctuations.
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