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Saudi market declines amid tech and real estate losses
The Saudi Stock Market Index "TASI" finished Monday's session with a decline of 0.63%, impacted by strong selling pressure in the technology, real estate, and retail sectors. Topping the losers was Tobi Company, down 5.85% amid liquidation activities totaling 17.95 million riyals. It was followed by Sinomi Centers with a 5.76% drop and Arab Technical Contracting with a 5.12% decrease. In the basic materials sector, Riyad Cement's stock fell by 4.96%, and Emaar Economic City declined by 4.88%. Additionally, shares of companies such as Sadafco, Al Asmak, and real estate funds like Al Ahli REIT 1 dropped by 4.49%. The downturn was driven by weak demand and active trading, reflecting a profit-taking trend and investors adjusting their positions.
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