“The Secret to the Strong Rise of TASI Index: Americana Stock Potential and Saudi Economy Growth”

Investing.com – It starts trading on the first day of the week with great strength, adding 133.7 points at 14:15 Riyadh time, up 1.20%, to 11251.80 points.

Despite the slowdown, it is a positive sign of the growth of the Saudi economy

The Kingdom of Saudi Arabia announced a growth of GDP in the first quarter of 2023 by 3.9% on an annual basis. The data revealed that non-oil activities grew by 5.8%, while government services grew by 4.9%, and oil activities increased by only 1.3% on an annual basis.

The data reveal an increase that is the weakest among the last 7 quarters, but it is positive as the Kingdom succeeded in growing its economy amid weak and low oil prices and a decline in its contribution to growth, which is what the Kingdom seeks within its growth plans and the 2030 plan.

The International Monetary Fund says the Saudi economy grew 8.7% last year, but expects the kingdom’s GDP growth to drop to 3.1% this year. It is noteworthy that the Kingdom of Saudi Arabia announced earlier that it would reduce production by 500,000 barrels per day, starting next May, as part of cuts by OPEC + producers amounting to 1.16 million barrels per day, with the aim of resetting the markets.

Look at Americana shares

Investing Pro data reveals that Americana 6015 share has an upward range of 8.3% to reach the fair value of 4.15 riyals per share.

Americana stock also maintains medium financial soundness, which makes it a safe investment according to the data.

To learn more about stocks through the best global stock analysis tool – InvestingPro, click on the link.

Why did the Saudi market rise today?

Global markets ended their trading on Friday, with oil rising by 4%, to record crude oil at the close of $71.32 a barrel, after falling below the 70 level earlier in the week, and Saudi Aramco shares (TADAWUL:) rose in Imo trading by 2.14%, to record concern now at 35.80. riyals after trading volume of 4.4 million Saudi shares.

Americana’s share rose by 1.06% in today’s trading, to reach 3.83 riyals per share, after a volume of 10.6 million shares traded. Likewise, Al Kathiri’s share rose by 1.98% to 3.60 riyals per share, after a volume of 10.28 million shares.

The most bullish in Saudi stocks

Salama 8050 share rose by 8.37%, which is the highest rate of rise in TASI today, to trade at 18.92 riyals per share, and MEPCO came in second place, up by 7.38%. MEPCO’s rise came as a result of signing a memorandum of understanding with the Saudi Investment Fund, according to which the Public Investment Fund intends to subscribe to new shares It will be issued in MEPCO (the “Proposed Transaction”).

Shares of SABB (The Saudi British Bank (TADAWUL:)) also rose by 5.61% after a positive earnings report. The bank’s profits jumped by 76% to 1.76 billion Saudi riyals in 3 months, compared to 1.004 billion riyals during the same period last year.

The most bearish in today’s trading

Bank Al-Jazira (TADAWUL:) share decreased by 4.21%, to record 18.20 riyals per share, and Tihama share (TADAWUL:) fell by 2.59% to 23.28 riyals, and the Red Sea share fell by 2.43% to 26.10 riyals.

Tasi indicator: technical analysis

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