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Saudi TASI Index Surges to New Heights Amidst Favorable Market Conditions

By Samir Al Khoury

The Saudi TASI index continued to rise for the fourteenth session in a row, recording 12,660 points yesterday, its highest level since August 18, 2022.

 

 

It appears that the upward momentum for the index will prevail in the next stage considering the positive sentiment and high trading volumes in the market. This is due to many factors, most notably:

  • The business results of most Saudi companies exceeded analysts’ expectations in the fourth quarter of 2023.
  • Active initial offerings of Saudi companies that attract both local and foreign investors.
  • Despite the disappearance of the positive correlation between oil prices and the Saudi stock market, the trading in oil prices that we are currently witnessing above the $80 level is considered acceptable for the Saudi budget.
  • Continued stimulation and support of non-oil sectors by the Saudi authorities.

 

 

Foreign investments in the Saudi market are estimated at about 400 billion riyals, which represents about 12% of the total shares available for trading, according to the Chairman of the Saudi Capital Market Authority.

 

 

The CEO of the Tadawul Group also confirmed that he wants to see more foreign investments in the Saudi financial market.

 

 

From a technical standpoint, it seems clear that the bullish trend of the Tadawul Index (TASI) is dominant at this stage as it officially enters the BULL MARKET. After reaching its lowest level at 10,262 points on October 24, 2023, it rebounded to currently reach 12,660 points, meaning it has risen by about 23% since the bottom it recorded (10,262 points) until today. The next challenge for the Tadawul index is to reach and exceed the psychological level of 13,000 points.

 

 

As for the analysis of the MACD indicator, we notice a bullish intersection between the blue MACD line and the orange SIGNAL indicator within the positive zone, which indicates upward momentum for the TASI indicator.

 

 

The Relative Strength Index (RSI) also indicates positive momentum for the TASI index, recording approximately 74 points, which is above the 70-point level, i.e. in the overbought area.

 

 

Please note that this analysis is provided for informational purposes only and should not be considered as investment advice.

Taurex is the trading name of Zenfinex Global Limited, Stochastic Africa SL Ltd, Zenfinex Global LLC, and Zenfinex Limited.

Zenfinex Global Limited is registered in the Republic of Seychelles with registration number: 8428731-1 and is regulated by the Financial Services Authority of Seychelles (license number SD092). Its registered office address is F20, 1st Floor, Eden Plaza, Eden Island, Seychelles.

Stochastic Africa (SL) Limited is a company registered in Sierra Leone with Company Number: SL270319STOCH05271 and is licensed by the Bank of Sierra Leone under license number BSL/SAL/2023 and with the registered office at 148D Wilkinson Road, Freetown, Sierra Leone.

Zenfinex Global LLC is a company registered with the Financial Services Authority in Saint Vincent and the Grenadines under registered number 138 LLC 2019. Its registered office is Hinds Building, Kingstown, Saint Vincent, and the Grenadines.

Zenfinex Limited is a company registered in England and Wales under registered number: 11077380. Authorised and regulated by the Financial Conduct Authority under firm reference number 816055. Its registered office is 4th Floor, 4 Eastcheap, London, EC3M 1AE, United Kingdom.

*All trading involves risk.

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