Does the banking sector still lead the rise of the Saudi Stock Exchange?

The shares of Al -Rajhi Bank contributed to the recovery of the Saudi market for its upward trend, after a decline that lasted four sessions, supported by improving investor confidence. At the same time, tensions in world markets have decreased on US customs duties, with possible discussions between US and Chinese presidents, which can determine the way of trade relations between the two countries. Al -rajhi al -rajhi, with a heavy relative weight, rose 1.6% in yesterday’s session, with the highest levels since May 2022 at 101.8 Riyals, and the “Tassi” index helped 0.5% to 12433 points. “It was clear that the declines were temporary on Monday, while investors assessed the results of companies, especially the banks, which almost all announced the growth in profits.” The ‘most important supporter’ banks, Mohamed Zaidan, the financial analyst of “Al -Sharq”, see the banking sector the most important supporter of the market in the current stage and is a candidate to continue in the short term. Also read: The profits of “Riyad Bank” in 2024 rise 15.9% to bypass expectations. “The rising scenario is the most likely, especially that the world climate supports these increases in the banking sector, reducing the federal reserve interest rates and reducing the mortgage curve moderately, reduces the cost of financing liquidity and increases the cost of lending to clients and thus the continued profitability of the sector.” The market awaits the extent of the ongoing interaction with the results of the banks, as it announced 9 out of the 10 banks listed in its profits. Salem says investors take some time to assess the results and compare in the sector before making investment decisions in specific stocks. The ‘Arab National Bank’ has not yet disclosed its results. Al -Rajhi Bank, Al -ahli Saudi Bank and “Saudi Fransi” announced last week the results exceeding expectations from 2024, as their net profits increased by 18.6% to 19.7 billion, respectively, 6% to $ 21.2 billion and $ 7.54 billion. Sinad Holding, “Sinad Holding”, will also be on the radar of the traders after rising 0.7%yesterday. After the end of the Monday session, the company announced that approximately 18.38 million shares were held at the “Umm al -qura Development and Construction Company” by a fully owned subsidiary. Also read: “Umm al -qura” to Al -Sharq: Distribution of profits during 3 years and strategic agreements to improve revenue. Umm al -qura, the developer of the Path of the Path, is one of the largest real estate projects in Makkah Al -Mukarramah, has offered a 9.1% share in the Saudi Stock Exchange in the coming period Bloomberg declared that it could raise hundreds of millions of dollars. Calm on customs duties? Ahmed Al -Rasheed, the first financial analyst of the newspaper “Al -iqtisadiah”, believes that the rise in global markets does not reflect an increase in tension, especially that Trump’s directions and these customs duties were previously known, so it has no significant impact on the movement of financial markets. “Yesterday, US equity indicators rose to a wild day in the market, led by major technology companies. After the market was closed, each of the ‘alphabet’ announced the parent company Google ‘and’ Advanced Micro Devices Inc ‘Revenue without the expectations of analysts, which led to the decline in the shares of the two businesses and 5% respectively. Asian markets today, the US supplies have taken off. is to have a short time with his Chinese counterpart. On the other hand, China has announced that it will achieve with the US giant technology company “Google” with the allegations of the violation of monopoly laws, and the customs duties of up to 15% have imposed on a group of US products.