TASI drops 1.7% as National Steel rises 93%
The Saudi Stock Market Index "TASI" declined by 1.74% to close at 10,139 points, with all sectors falling, led by banking and energy. Despite the market's decline, trading value increased to 3.9 billion Riyals, up 19% from the previous session. Although the market was down, the National Steel stock achieved exceptional gains of 93.4% over seven sessions after moving from the parallel market to the main market, recording a rise in its market value by about 309 million Riyals. Saudi equities are facing increasing competition from government sukuk, which yielded 6.23% for ten years, surpassing the stock yields by between 1.4 and 2.23 percentage points. Meanwhile, the Saudi Interbank Offered Rate (SIBOR) continues to rise near its highest levels at 5.56%, and US inflation accelerated to 3.7% in September, with expectations of further tightening in monetary policies.
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