TASI Rises Despite Losses

The TASI rose 0.5% on Monday, gaining 45 points to close at 9,883, despite declines in 154 stocks compared with gains in 90. The banking sector accounted for roughly half of the market’s advance, while Al Rajhi, Aramco and Al Ahli shares contributed about two-thirds of the net gain. Trading value increased 14% to SAR 3.6 billion, but remained 11% below the average for the previous 21 days. The market is awaiting third-quarter results to test valuations. A total of 104 companies have reported, while 169 have yet to do so. Combined profits at reporting companies rose 21% to SAR 45.3 billion, although results varied against analyst expectations. Stocks are trading at 11.7 times forecast 2027 earnings, while the yield on 10-year government bonds has fallen to around 5.87%. But continued support for valuations depends on stable earnings and financing costs.

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