Liquidity issues deepen TASI losses below 10K

The Saudi stock market declined significantly today, with the TASI index dropping by 1.7% to close at 9,952 points. Over 228 companies declined, compared to only 19 that saw gains. This downturn was driven by weak available liquidity, as trading volume remained limited at approximately 3.8 billion Riyals, while the average transaction value fell to around 9,000 Riyals. This reflects weak demand and a dispersion of trades across smaller transactions. Consequently, most sectors faced broad pressure, especially with declines in Saudi Aramco and banking stocks. The downturn also impacted market valuation, leading to higher yields on government debt instruments and a decrease in their attractiveness compared to stocks. Although the market discount has become more pronounced in terms of valuation, sustained earnings growth remains necessary to maintain its investment appeal.

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