Saudi stocks break through 11,400 points, supported by Aramco and Alinma
The Saudi Stock Exchange (TASI) recorded a notable positive performance during today's session, successfully breaking through the psychological and technical resistance level of 11,400 points for the first time in three months (90 days). The session witnessed clear buying momentum, with the index rising by more than 40 points, registering a 0.4% increase, amidst high liquidity exceeding SAR 2.1 billion within just one hour of trading opening. This reflects investors' risk appetite and a return of confidence to the market.
Leading companies support the rise: Aramco and Ma'aden at the forefront
This rise was primarily driven by leading, heavyweight stocks in the index, with Saudi Aramco, the global oil giant, leading the charge with a gain of more than 1%, indicating positive signs of stability in the energy sector. Simultaneously, shares of other major companies, such as Dr. Sulaiman Al Habib Medical Group, Saudi Arabian Mining Company (Ma'aden), and ACWA Power, saw gains ranging between 1% and 2%, contributing to the overall index's upward momentum and supporting its stability above new highs.
Banking and gold sectors: additional catalysts
In the banking sector, a cornerstone of the Saudi financial market, Alinma Bank's stock emerged as a star performer during the session, surging by more than 2%. This swift positive reaction followed the bank's announcement of strong financial results and the board's recommendation to distribute bonus shares, enhancing the stock's appeal to investors seeking returns and growth.
Meanwhile, coinciding with global geopolitical and economic tensions that have driven gold prices to historic highs, the Albilad Gold Fund recorded a significant jump, rising by over 9%. This increase reflects a trend among some traders towards safe havens and hedging against global market volatility, taking advantage of investment instruments available in the Saudi market that mirror global commodity movements.
Mixed performance for some stocks
On the other side of the market, not all stocks were on an upward trajectory, as some companies experienced profit-taking or a decline in performance. Shares of Al-Aseel, Azm, Abu Moati, and Al-Aqariya all traded down by around 2%, a normal fluctuation in the financial markets reflecting the varying positions and expectations of investors regarding specific sectors.
This positive performance of the Saudi market comes at a time when the Kingdom continues to strengthen its position as one of the most important emerging markets globally, supported by Vision 2030, which aims to diversify the economy and attract foreign investments, making the breach of technical levels such as 11,400 points an important indicator for observers and technical analysts about the future direction of the market.
