21 Hrs
Source:
الاقتصادية
TASI holds near support levels amid low liquidity
The Saudi Market Index "TASI" rose by 0.33% to close at 10,318 points, after four consecutive sessions of decline, amid investors' anticipation of the technical support level around 10,200 points. The index is currently near an upward trend line since March 2023, and it is expected to stay within this range to support the prospects of an increase. Breaking this support could lead to a decline toward the 10,000-point mark. The market is competing with government sukuk bonds offering yields between 5.2% and 6%, compared to the market’s overall return of 3.9%. Al-Jaredah Company led the stocks with its biggest gains since 2020 after posting quarterly profits that exceeded expectations, while Saudi Pipe Line shares increased following a new contract with Aramco valued at 177 million riyals. The trading volume reached 3.28 billion riyals, which is below the year's average, indicating weak liquidity despite the technical rebound.
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