The TASI index rose today from the start to open at 10888.09 points after closing the week at 10823.6 points, and continued to rise to become close to the important 11,000 point level, recording 10918.6 at the time of writing the report at 13:38 Riyadh time.
The index's rise is attributed to several macroeconomic factors, most notably the decline in expectations and bets on interest rate hikes by the US Federal Reserve and, consequently, the Saudi Central Bank. The rise in oil prices also contributed to the recovery of energy sector stocks, particularly Aramco shares, which climbed 0.7% to SAR 26.66 per share.
The market witnessed a rise in Redan's stock by 9.9%. This rise in Redan's stock comes despite accumulated losses reaching 107% of the capital, according to the company's latest profit report.
Naseej's stock also rose by the maximum allowable percentage in today's trading, despite recording a loss of 14.6 million riyals in the second quarter and a decline in the company's revenues by 81.4% to 3.6 million riyals. The company's accumulated losses also reached 109.5% of its capital, amounting to 119.4 million riyals.
Tihama's stock rose 7% after the dismissal of CEO Dr. Hussein Masoud Al-Dossari, with the approval of the board of directors, following the discovery of administrative and financial irregularities and abuse of power. Dr. Shaker Ahmed Saleh Al-Saleh was appointed as the company's new CEO, effective August 13th.
Is the 4070 stock undervalued—or is it a trap?
Don't make your decisions based on guesswork; our fair value calculator uses 17 accurate financial models to reveal the true price that a 4070 stock is worth.
Enjoy a clear and immediate view of the 4070 stock — and thousands of other stocks — and seize the opportunity before it's too late.
