Taasi narrows losses to 9927 points

The Saudi stock market experienced a modest decline after the Tadawul Index fell by 0.3% to close at 9,927 points, despite 101 companies reaching their lowest levels of the year, amidst an overall continued market weakness. The decline occurred amid a slowdown in selling pressures and an increase in liquidity, as trading values rose by 8.2% to 4.13 billion Riyals, with the banking sector dominating most of the activity, as its trades jumped by 82% to 1.54 billion Riyals. Additionally, the decline in Saudi bond yields and reduced borrowing costs, along with relatively positive financial results for banks, helped lessen market losses, although the majority of stocks still trade below their 200-day moving averages, indicating ongoing pressure on the market. Some sectors, such as Basic Materials, saw gains, while banks and real estate declined. The banking sector achieved total profits of 24.2 billion Riyals in the third quarter, with expectations of improved earnings due to lower financing costs.

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