The Saudi stock market is still recovering after dropping to the lowest levels in more than a year, amid an improvement in the investor moral pending the expected reduction in interest rates today. The general index, “Tassi”, rose 0.4% at the beginning of the trading, coherent by 10560 points, supported by the rise of the shares of “Aramco”, “Al -Rajhi Bank”, “Sabic” and “Saudi Telecom” (STC), while “Sinomi Retil” continues its strong profits for the fourth successive sitting. Financial analyst Youssef Youssef believes that the market needs stability above the current levels of two or three websites, before it is reassured that it starts activating and attracting new liquidity. A new phase in the market added that the expected US Federal Reserve today could represent the beginning of a new phase in the Saudi market, especially after accelerating inflation in the kingdom according to the latest lecture, which means a real return on fixed income instruments. “It could encourage some investors to return to higher risk investments, the return of which is expected to be higher than fixed income instruments. I expect the market to terminate the three -week series this week,” he said during an interview with “Al Sharq”. It is generally expected that the US Central later that day will announce to lower interest rates by 25 basis points, but the statements of his president, Jerome Powell, will receive greater attention than traders, to find out if the decision is the beginning of a long -standing cash facilitation course in response to political pressure. Companies News reinforces shares, the share of “Fawaz Abdel Aziz al -Hokair and Partners” (Sinomi Retil) rose 7.5% to 30.84 Riyals in early trading, after more than 20% rose over the past three sessions. This comes after the announcement of the completion of the Emirati “Al -Futtaim” acquisition of about half of the Saudi retail business at a price of 44 Riyals per share. In the context of the news that was interactive of investors, the ‘Arabic Internet Services’ signed a framework agreement with’ Aramco ‘for a project aimed at providing the oil giant of digital computers’ oil giant, with a value that can be more than 5% of its revenue for 2024, equivalent to 600 million Riyals. The company’s share in early trading increased 0.6% to 236.7 Riyals. “This contract gives Sothins a higher credit rating, which will help if it wants to issue long -term instruments at some point. The contract will be reflected annually for five years with approximately 27 to 30 million Riyals,” Mohamed Al -Farraj, the head of the first asset management at “Financial Profit”, said during an “east” intervention.
The Saudi Stock Exchange is still recovering amid an improvement in morale before the interest decision
