TASI down 5% in October

TASI down 5% in October
Market capital losses reached SAR 76 billion this month

Riyadh - Mubasher: The Saudi Stock Exchange (Tadawul) saw a negative performance in October.

The Tadawul All Shares Index (TASI) declined by 4.79%, losing 348.6 points, and closed the month at the level of 6,934.4 points.

Market value for the stocks of the main index declined by around SAR 75.57 billion to a total of SAR 1.646 trillion.

The average traded value decreased 7.7% this month to SAR 2.89 billion, while volumes went down by 5.6% to 134.4 million shares.

Iyad Aref the CEO of Namaa Zone told Mubasher that the Saudi market declined in October despite a number of positive financial disclosures by listed companies, as a total of 75 companies reported profits with a total value of SAR 60 billion for the last nine months, growing by 7.5% compared to the year before.

Aref added that this month also witnessed a major event as Saudi Arabia launched the Neom megacity project, which will positively affect Saudi companies.

TASI is still moving within the horizontal movement for more than 11 months, between the level of 7,500 and 6,700 points, he added.

Namaa Zone believes that after the current correction wave ends, the market will see a rising trend in which the main index will exceed the level of 8,500 points.

Almost all the market sector indexes decreased this month, except for utilities that rose 1.5%.

REITs led the decline, as it dropped 13.2% this month, followed by media with 10.9%.

Telecom, banks, and materials all fell by 9.4%, 4.4%, and 3.5%, respectively.

On the other hand, the Nomu-Parallel Market also lost 7.6% or 255.5 points this month, ending October at 3,107.5 points.

NOMU’s traded volumes reached 1.3 million shares with a total turnover of SAR 33.98 million.