TASI index rose to 11,194 points.
The Saudi stock market reversed its early losses and closed with strong gains at the close of trading on Monday, with the main index up 1.05%.
The TASI index rose 116.83 points to 11,194.02 points, with a trading value of 10.56 billion Saudi riyals.
The Saudi stock market index erased its morning losses, rising 118.71 points, or 1.07%, to 11,195.9 points at 12:10 Saudi time. An hour after the opening, the Saudi stock market index cut its losses by 1% to 10,941 points at 11:10 Saudi time.
The Saudi stock market’s main index extended its losses at the start of the session on Monday, falling 259 points, or 2.33%, to 10,818 points at 10:43 a.m. Saudi time. The trading value reached approximately 2.2 billion riyals.
At the end of today’s trading, the Saudi market saw active trading, with more than 587.92 million shares changing hands, indicating strong trading activity in today’s session. The total market value of listed stocks reached approximately 9.2 trillion riyals, reflecting the strength of the market despite fluctuations in some sectors.
Of the 253 listed companies, 150 companies’ share prices rose, while 91 companies’ shares fell, indicating a discrepancy in corporate performance amid a number of factors that affected investor sentiment.
Shares of National Education Company, Integrated, ACWA Power, Kingdom and Altrees made the most gains, while shares of Batik, Alagaria, Misc, Nama Chemicals and Red Sea were the least, with fluctuations ranging from 5% to 10%.
The decline in global markets as a result of the trade war between the United States and the rest of the world, as well as the sharp drop in oil prices, contributed to the decline in the Saudi market.
In this context, economist Mohammed Al-Ankari said that global markets are facing a politically driven trade war using economic tools to protect the United States’ position as the most powerful country in the world. Many of the United States’ monetary and financial tools have been exhausted. This has forced it to make tough choices that could lead to a global economic recession.
Gulf countries are directly affected by oil revenues and some derivative industries, but the impact of the tariffs will be less on other local sectors that rely on inelastic services and goods, such as healthcare, food and communications, Al-Ankari added in an interview with Al Arabiya Business.
He noted that while some volatility will continue until companies announce their current quarterly results, today’s recovery in the Saudi market marks the beginning of a recovery in confidence, predicting that there will be different dynamics in the markets in the coming days.
Shares of Al Baha, Patelco, Americana, Mazaar and Saudi Aramco were the most active in terms of volume, while shares of Al Rajhi, Mazaar, Saudi Aramco, Saudi Telecom Company (STC) and Al Ahli were the most active in terms of value.
The Saudi Stock Exchange (Tadawul) index fell 805.46 points on Sunday to close at 11,077.19 points, with a trading value of 8.4 billion riyals.
