During Thursday's trading, Al Rajhi Bank's stock witnessed a positive performance, during which it was able to top the list of most actively traded stocks, touching its highest levels in more than a year.
By 1:40 Riyadh time, the stock recorded gains amounting to 3.24%, reaching the level of 83 riyals, gaining 2.70 riyals, through liquidity exceeding 576.09 million riyals, through 6.97 million shares distributed over more than 15,021 thousand transactions.
Meanwhile, the general index of the Saudi stock market, TASI, jumped by about 1.23%, gaining about 141.26 points, reaching the level of 11,541.78 points, touching its highest levels since last August 30, recording the largest daily gains since the middle of last November.
The market witnessed trading of about 4.944 billion riyals, through quantities amounting to 197.39 million shares, distributed over 320.07 thousand transactions.
The rises in the banking sector, which has the largest relative weight in the index, supported the market’s gains to jump by more than 3.11%. It reached the level of 11,695.22 points, earning about 352.84 points, through liquidity exceeding 1.56 billion riyals, during which Al Rajhi Bank acquired more than 33% of the sector’s liquidity.
The sector's gains come after the US Federal Reserve announced, yesterday, Wednesday, that interest rates would be fixed without change in a range between 5.25 and 5.50 percent, in its final decision in this year 2023.
The committee members' suggestions were also supported by today's market gains; They proposed cutting rates at least three times in 2024, by a quarter of a percentage point at a time, which is less than market expectations that indicated a four-time cut, but greater than what policymakers had previously indicated.
