SABOR tests TASI's support at 10,400
The Saudi stock market "TASI" continued its decline for the third consecutive session, closing down by 0.1% at 10,441 points, despite attempts to rally before losing its gains. This coincided with a significant increase in the three-month SIBOR rate to its highest level since March 2025, rising from 5.31% to 5.5%. Meanwhile, the yield on 10-year Saudi sukuk decreased slightly from 6.01% to 5.99%. The rise in SIBOR leads to higher capital costs and puts pressure on stock valuations, especially as corporate debt relative to equity reached 74% by the end of the second quarter, creating an uncomfortable environment for sustainable performance in the market.
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