Saudi stocks record highest close in two months, with trading volume reaching 6.8 billion
The Saudi Stock Exchange (TASI) continued its positive performance, closing today's session with a notable gain of 52 points, or 0.5%, to reach 10,945 points. This is the index's highest close in nearly two months, reflecting a sense of optimism among traders and a return of buying momentum to the trading floor. Total trading value reached approximately SAR 6.8 billion.
Trading session details and weekly performance
The general index opened trading today at 10,907 points, and the session witnessed positive fluctuations that pushed the index close to the 11,000-point mark, reaching its highest level during the session at 11,006 points, a momentary gain of 112 points compared to the previous day's close, before paring some of those gains by the close. Conversely, the index recorded its lowest point during the session at 10,875 points.
This rise further strengthens the market's weekly gains, with the index making a significant jump since the beginning of the week, adding approximately 472 points, a growth rate of 4.5% compared to last week's close. Analysts indicate that this strong performance reflects the market's recovery from previous corrections and a restoration of investor confidence.
The banking sector is leading the rise, spearheaded by Al Rajhi
The banking sector played a pivotal role in supporting the index's movement today, with Al Rajhi Bank, the index's largest constituent, rising 1% to close at SAR 103.50. The stock saw heavy trading activity, with volume exceeding 7 million shares. This buying momentum follows the bank's board of directors' announcement of a recommendation to distribute bonus shares to shareholders at a rate of one share for every two existing shares, a move aimed at strengthening the capital base and supporting the bank's future growth plans.
In a related development, other leading stocks also saw varying gains, with ACWA Power shares rising 3% to close at SAR 176.10, benefiting from the general trend towards investment in renewable energy and major projects. Other gainers included shares of Al-Ahli Bank, Alinma Bank, Ma'aden, SABIC Nutrients, BSF, Elm, Arab National Bank, and Riyad Bank, with increases ranging between 1% and 4%.
The biggest losers
On the other side of the market, the session was not without profit-taking and declines for some companies, with "Sadr" shares topping the list of the biggest losers with a sharp drop of 10%. Shares of other companies such as "Ataa," "MBC Group," "Research and Media," "Building Station," and "Tamkeen" also declined by percentages ranging between 3% and 4%, reflecting the mixed performance of different sectors within the market.
