Positive performance expected for the Saudi Stock Exchange with the support of communication shares

After the relative stability over the past week, the Saudi stock market is starting to trade this week amid optimism of analysts with the risk of ascension, with the support of the telecommunications sector, which has exceeded all sectors in the last three sessions. The “Tassi” index ended last week with a slight increase, to maintain its gains of 2.9% since the beginning of the year with improving the value of trading during the Thursday session up to 6 billion Riyals, in line with the average for three months. The market was closed yesterday on the occasion of the establishment of the Kingdom. “The index reduced much of its losses last week, and it is a positive sign, especially before a long vacation, which reflects the risk appetite somewhat … It is expected that the market is expected to start with a relatively good performance this week,” according to the financial analyst with the newspaper “al -iqtisadiah” Ahmed al -Rashid. The telecommunications sector exceeds that the shares of the telecommunications sector will continue to rise with the support of the results of the companies, after the rise of about 4% over the past week, with the announcement of ‘Zain Saudi Arabia’ and ‘Mobily’ better results than expected for the year 2024. The average expectations of analysts followed by ‘numbers’ for a net profit of the fourth largest company listed in the Saudi market are 3.1 billion Riyale for the last quarter of last year, which is an increase of about 36% on an annual basis according to the accounts of “Al Sharq”. The company’s share price rose 1.24% last Thursday in the last trading sessions. Asim Mansour, the head of market research in OW Markts, expects “the telecommunications sector one of the leading sectors during 2025, supported by increased investment and expansion, which will, despite their pressure on the profits of some companies, to a certain extent, but in the interests of profits and strong growth in the coming period.” Investors are waiting for the results of “Sabic” and await the results of the “Saudi Basie Industrial Enterprise” (Sabic) for the year 2024, which is planned next Wednesday. According to the data available on ‘numbers’, analysts expect the petrochemical giant to achieve an average of annual profits before the extraordinary items of 5.11 billion Riyals reach an average of about 766.2 million Riyals. Sabic’s share fell 0.15% last week. According to Al -Rasheed, Sabic’s share is constantly declining to reach its lowest levels in years, which gives a sign that expectations are not optimistic about the company’s results. Especially because petrochemical prices are still less than the levels of the previous year. “The ‘Saudi Petrochemical Entity’ was opened last week the results of the sector companies, which announced their net losses of 16% during 2024, thanks to improving the average price of sales products, and a partial compensation for an accident in one of its factories. For the third week in succession, to establish below $ 69 a barrel, had no significant impact on the Saudi market, thanks to the power of non -oil activity and the expansion of companies outside the local market. to enter the South Asian country. “We have not seen any projects of this size on the Asian continent, similar to the Aramco agreement in the Philippines. We also saw that Aqua Power is on the way to implement projects in China by about $ 6 billion, as well as major investment in the clean energy sector in Egypt, to improve investor trust that corporate activities are not limited to the local market. He added that “the economy of the kingdom has not yet reached a stage in which it is not affected by the movement of oil prices, but the external expansion of Saudi energy companies will reduce the risks of hydrocarbons in the coming period.” With the opening of the Asian market trading today, Monday, the Brent Mix price settled more than $ 74 a barrel, after falling by about 3%, at the end of Friday trading. While this week the Western Texas -Tussentage crude rough oil started a short period of $ 70 a barrel.