The TASI closed its opening trading for the week up 0.56% to close at 11,981.4 points, continuing its rebound for the fourth consecutive session and approaching erasing the downward wave it suffered at the beginning of August.
The TASI bounced off the low of 11,318.09 in August 5 trading that followed Monday’s hard US market fall on Wall Street, recession fears and a JPY trading crisis. In the following trades, TASI managed to climb and recorded the highest peak since then today at 11,989.23 points.
It is noteworthy that the point from which the TASI index fell in August trading was 12,102.61 points, and the level of 12,000 points represents an important resistance point for the Saudi market, as it suffered a strong decline from this level earlier on May 23, 2024.
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A look at today’s trading in Tassi
Many stocks succeeded in rising by almost the maximum percentage in trading on Sunday. Saudi Re 8200 rose 9.94% to close at SAR 34.85. CHEP 8240, Al Sagr Insurance 8180, Wataniya 8300 and Fitigi Group rose by more than 9% each.
Among the losers was Fish, which suffered a loss of 7.9% of the share value in today’s trading, closing at SAR 20.28 per share. Al Baha fell 7.69% to SAR 0.12. Investment and Saudi Arabia fell by 2.22% and 2.14%. Al Rajhi REIT 4340 was among the losers with a decline of 1.9%.
It is noteworthy that the movement of fish came as a result of Salek’s announcement of the approval to sell its entire stake in fish worth 122.4 million riyals. According to the transaction value, the share selling price was SAR 7.65 compared to Thursday’s closing price of SAR 22.02.
How did the big stocks move today?
Looking at market leaders, trading was positive as Saudi Aramco (TADAWUL:2222) 2222 rose 0.35% to close at SAR 28.3. Americana (TADAWUL:6015) 6015 rose 3.25% to 2.88 riyals.
On the other hand, Al Rajhi shares lost 0.72% to SAR 83.2. The same was tested by STC (TADAWUL:7010), which fell 0.38% in today’s trading.
Sinome Retail shares rose 5.37% in today’s trading, matching the fair price valuation from InvestingPro.
InvestingPro believes that Eastern Cement, ACIG and others are trading below their fair value level.
Stocks that have achieved peaks
Saudi Retal and Budget Saudi Arabia recorded their highest peaks since listing today.
Saudi Replaشy has risen 83% in the last 52 weeks, while RTA Pulp has risen 48% and Budget Saudi Arabia has risen 41% in the same period.
According to InvestingPro data, Retal stock is in a price valuation close to the fair value of the share. The stock has many bullish reasons, according to ProTips data, most notably trading at a low revenue multiplier.
While InvestingPro data reveals that Budget stock has started trading at a value slightly above fair value, the stock is in a buying momentum and has many bullish factors.
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