On Monday, the Tadawul All Share Index (TASI), Saudi Arabia’s benchmark stock index, experienced a significant jump of 125 points, closing at 12,008 points. This increase was primarily driven by the strong performance of the banking sector, with leading banks such as Al-Rajhi Bank and Riyad Bank contributing to the overall positive trend. The total turnover of shares also saw a notable increase, soaring by 29 percent to nearly SR 5.8 billion. Out of the companies listed on the Stock Exchange, 171 recorded gains while 55 experienced losses.
Al-Baha Investment and Development Company emerged as the top gainer, with its shares rising by 8 percent to SR0.27. The company witnessed high trading activity, with over 900 million shares being traded, valued at SR240 million. Blue-chip lender Al-Rajhi Bank saw its shares surge by 3 percent, closing at SR85. Similarly, Riyad Bank outperformed expectations, boosting trader morale towards the financial performance of the sector. Following the announcement of its Q3 2024 financial results, Riyad Bank’s shares increased by over 2 percent to SR24.84. The bank reported a significant year-on-year increase in net profit for the first nine months of the year, amounting to SR7 million.
Other notable companies that registered gains on Monday included Maaden, Alinma Bank, Bank Albilad, SAB, SRMG, BSF, Batic, and SPIMACO, with their shares rising by 2 percent to 4 percent. Sasco stock also saw a 0.5 percent increase following the company’s business growth of 14 percent in the third quarter. However, ‘Care’ stock experienced a 3 percent decline after the company reported a decrease in profits by approximately 18 percent in the third quarter of 2024. While the financial services and public utilities sectors declined by 0.3 percent, the rest of the sectors recorded increases. Banks led the way with a 2.3 percent increase, with the sector witnessing the highest trading values at SR1.4 billion.
In conclusion, the Saudi stock market displayed positive performance on Monday, with the Tadawul All Share Index showing a significant increase driven by the strong showing of the banking sector. Companies such as Al-Rajhi Bank and Riyad Bank led the way, contributing to the overall gains in the market. Despite some sectors experiencing declines, the majority of sectors saw increases, with banks being the standout performers. Investors and traders are optimistic about the financial outlook of the sector, especially after the positive earnings reports of key banks. The Saudi stock market continues to be an attractive investment option for both domestic and international investors, with opportunities for growth and potential returns.
