The Saudi Stock Exchange main index, Tadawul All Share Index (TASI), saw a significant increase of 159.53 points (1.34 percent) on Thursday, closing at 12,080.47. The total trading turnover for the benchmark index was SR9.47 billion, with 152 stocks experiencing gains while 73 declined. Notable increases were seen in the shares of Al-Naifat and Halwani Brothers, reaching their highest price levels since July 2023 at SR16.32 and SR69.40 respectively. Al Moammar Information Systems (MIS) also saw a significant surge to its highest historical level during Thursday’s session. Other major gainers included Etihad Atheeb Telecommunication Co., Red Sea International Co., and Saudi Automotive Services Company.
Following an initial fall at the start of the session, the shares of most companies managed to rebound and climb, with some facing pressure from companies like Acwa Power and Al Rajhi. The Red Sea share saw a maximum limit increase after signing contracts totaling SR1.5 billion. However, Banque Saudi Fransi’s (BSF) share hit its lowest level since February 2023 at SR32.45. Kingdom’s parallel market Nomu also experienced a decrease of 25,337.96 points (1.01 percent), closing at 25,337.96 points.
The positive performance of various companies’ shares on the Saudi Stock Exchange on Thursday can be attributed to a combination of factors including strong financial results, market demand, and positive news such as contract signings and new business developments. Investors were keen on buying stocks from companies that showed growth potential and promising outlooks. The overall bullish trend was supported by a number of key sectors such as telecommunications, information technology, and automotive services, which showed resilience and upward momentum during the trading session.
The surge in the shares of Al-Naifat, Halwani Brothers, and other companies to their highest price levels in years reflects investor confidence in the market and the growth potential of these specific companies. The positive sentiment was further boosted by the strong performance of major players like Etihad Atheeb Telecommunication Co. and Red Sea International Co., which saw significant gains in their share prices. The rise in the benchmark index Tadawul All Share Index (TASI) is a clear indicator of the overall market sentiment and investor optimism towards the Saudi stock market.
Despite some companies facing pressure and experiencing declines, the overall market performance on Thursday was robust and showcased resilience in the face of challenges. The rebound of shares after an initial fall demonstrates the market’s ability to react and adjust to changing circumstances. As investors continue to monitor market developments and company performances, it is expected that the positive momentum observed on Thursday will continue in the coming trading sessions, with potential for further gains and increased trading activity. The Saudi Stock Exchange remains an attractive investment destination for both local and international investors, offering opportunities for growth and diversification in a dynamic and evolving market landscape.
