TASI Faces Profit Retention Test

The Saudi Stock Market ("TASI") continued its gains for the sixth consecutive session, reaching its highest level in about four months, with an increase of 0.5% at 11,232 points. The market was boosted by the banking sector, which contributed 58 points, while the share of "Aramco" declined by 1.1%. This led the market to rely even more on large-cap and concentrated stocks, with the number of stocks contributing to the rise decreasing compared to previous periods. Although liquidity remained steady without accelerating, the momentum weakened as the number of advancing stocks fell, and the correlation with the index became more focused on the major companies. The overall participation and demand levels were volatile, raising questions about the sustainability of the current wave. So far, there are no strong indicators of improved corporate earnings expectations or new catalysts to support continued growth, especially after the "TASI" surpassed its 10-day technical average. Performance has increasingly become linked to psychological and political factors, highlighting the need for new supporting drivers to ensure the sustainability of gains.

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