Saudi stocks regain 10,000 mark as trading value falls 27%

Saudi Arabia’s TASI index closed above 10,000 on October 28, gaining 0.4% to 10,023 points.

The index fell to 9,849 during the session before recovering, after rising about 5.8% over the previous two sessions.

Trading value fell 27% to 5.22 billion riyals, though it remained 31% above its average for the previous 21 days.

Shares in 195 companies rose and 49 fell, but declines in heavily weighted stocks including Al Rajhi Bank and Saudi Aramco limited the index’s gain.

Investors are weighing recent share gains against pressure to take profits, while companies continue to report third-quarter results that may help assess whether earnings meet expectations.

Lower yields on Saudi government debt and interbank rates may ease pressure on share valuations and borrowing costs, but fixed-income investments still offer relatively high returns.

Markets are also watching for signals from the US Federal Reserve about the direction of interest rates and their effect on financing costs and bond yields.