Are Saudi stocks adjusting earnings now

Saudi stocks have decided, following a record-breaking earnings season for the second quarter, during which company profits reached approximately 49 billion riyals excluding Aramco and 170.5 billion riyals including it. However, the market did not respond to these figures with clear momentum, experiencing the lowest weekly increase since the January crisis, amid declining liquidity and a deterioration in the sustainability of expected profit growth. Despite the profit multiple decreasing to its lowest level in three years, investors have not shown a strong buying desire, as the rise in profits did not translate into buying momentum due to concerns about profit sustainability and mixed company results, with the top 10 companies accounting for 90% of the profits. Next week is expected to be decisive in determining whether the market shifts into a new phase of buying trends, based on how demand reacts at the 10,750-point level, while monitoring investor reactions regarding liquidity levels and sustainable earnings.

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