The selective purchase confuses the Saudi

The Saudi stock market is still without a clear direction amid selective purchases and the variation of stock performance with the sequence of the results of companies, but the high repetition of profitability seems to change without the market starting to higher levels. The “Tassi” index ended the last session with a slight decrease to 12317 points, and the high telecommunications sector contributed to more than 2% to reduce losses. The value of trading has improved to 6 billion Riyals in accordance with the average for three months. “The market is trading in high profitability, as the market is in a series of 20 times, and the market usually does not prefer for a long time over these levels,” says Ahmed Al -Brashid, the first financial analyst of the newspaper “Al -iqtisadiah”. The results of Saudi businesses lead the market, Mary Salem, the financial analyst of “Al Sharq”, see that what is currently happening on the Saudi Stock Exchange, “only works with the results of companies, and this will be the focus of this phase, in addition to any fundamental news of businesses. But there will be no direct impact on the world markets. Telecommunications sector will be on the radar of clients today, after it has recorded a positive performance over the past two sessions, in light of the ongoing rise in the sector’s shares, thanks to the announcement of strong results for companies. Announcing the growth of profits in 2024 by 36% to 3.1 billion Riyals, exceeding analysts’ expectations. The company’s board of directors recommended to distribute cash dividends 1.13 Riyals per share for the second half of last year. In the same sector, the share of “Zain Saudi Arabia” strengthened its profits to about 9% in the last two sessions after the company announced better results than expectations last year, as the net profit reached 596 million rows, compared to the average expectations of analysts collected by Bloomberg at 432 million Riyals. The profits of the “Saudi telecom firm” (STC) for the year 2024 have not yet been announced. The shares of “will Saudi Arabia” fall despite the growth of profits on the other. “Salt recorded major increases in the last period and the company recorded less in the fourth quarter than expected, which made the moral negative towards the arrow during the Wednesday session,” Al -Brashid said. Attention will also draw attention to the share of the “Arab cement” business, which was announced after the end of the trade on Wednesday, the net profit growth is 14.7% to 160 million Riyals in 2024, and the board of directors recommends the distribution of cash gain 0.75 Riyals per share. The share of “Arab cement” dropped 0.4% in the last session. The ‘Yamama Cement’ – the largest cement business in the kingdom – opened the results of the sector before yesterday’s trading by announcing the growth of net profits over the past year by 38% to about 421 million Riyale, but the share fell 1.9%. In terms of corporate news, the power giant “Saudi Aramco” announced the acquisition of a 25% stake in the “Unioil” business, one of the largest oil companies in the Philippines, for the purpose of ensuring extra outlets for its refined products.