Saudi stocks decline 2.3 percent
The Saudi stocks, represented by the TASI index, declined by 2.3%, recording the lowest closing since 2021. This was due to a global sell-off that affected both regional and international markets, with all sectors seeing declines and 238 out of 254 companies experiencing falling prices. Despite an 18% increase in trading value, liquidity deteriorated, and demand for purchases weakened, leading to further price declines. While valuations improved to some extent, this did not boost demand due to rising bond yields, increased global financial pressures, falling commodity prices, and support from oil. The market movements indicate that it faces significant challenges in maintaining a sustained recovery, with demand declining and risks rising—though the lower prices have made stocks more attractive from a valuation perspective.
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