Aramco leads Saudi stocks to break the barrier of 11 thousand points

Saudi stocks returned to break the barrier of 11 thousand points at the end of Thursday’s trading. Despite the decline, most companies recorded an increase, as they topped leadership shares, headed by “Saudi Aramco”, the pressure on the general index.

The decline was intensified during the auction session, affected by the changes in the MSCI indicators, which led to a rise in trading volume to 10 billion riyals.

The improvement of the factors surrounding the financial market was not reflected in the morale of the customers, to end the market at the level of 10990 points, losing 0.6%, with the shares of 169 companies increasing against the decline of 74 companies, and the stability of the rest.

A US court had canceled the customs duties decision imposed by the President of the President of “Trump”, while granting him a 10 -day deadline for implementation, but the decision is not final, as the administration seeks to appeal.

On the other hand, oil prices recorded a positive path during the week, and the global and regional markets were in a good situation, but this improvement was not reflected in the performance of the local market.

On the other hand, the “banks” sector decreased by 0.8%, after the Saudi Central Bank data showed that bank profits decreased before zakat and taxes during April at the highest pace in a year and a half, by 12%, despite its rise by 15.9%on an annual basis, to reach 7.8 billion riyals.

Despite the decline in bank shares prices by 2.8% since the beginning of the year, this has not contributed to supporting their performance in the face of new data.

The profits recorded a decrease compared to March at the highest pace in a year and a half, by 12%.

On the other hand, 4 companies have recorded low price levels, including “Al -Bilad” and “Development”, to return to the levels of prices in late 2023, despite the positive perception of analysts, and high assessments compared to current prices, in addition to achieving the banking sector in the first quarter. The US CIC shares also fell below the subscription price, registering 45.10 riyals compared to the price of 50 riyals.

In terms of the performance of the sectors, the performance of 6 sectors decreased against the rise in the rest of the sectors, as the high “media and entertainment” exported by 2.98%, while the “Applications and Technology Services” sector was the most declining by 2.9%.