The Saudi Stock Exchange is on its way to achieving the third weekly profit to support the results of the banks

Attention in the Saudi stock market is on their way to the banking sector today after several banks announced results that exceed expectations; This has helped the index to record the highest closing level since May 2024. The “Tassi” index closed yesterday, about 0.2% at 12439 points, with the value of trading the highest levels in about a year, with the support of the shares of “Al -Rajhi Bank” with a heavyweight on the index and “STC”. The index is on its way to the third week in a row in the longest weekly series of profits since February 2024. -iqtisadiya. The results of the banks are better than expected; Several banks have so far announced their profit growth over the past year; Including banks of “investment”, “Al -Rajhi”, “Al -Hly”, “Saudi Fransi” and “Development”, which strengthened the index in the last session. Al -rajhi Bank shares will receive attention after yesterday jumped 4.7% to 100.4 Riyals, which recorded its highest levels since May 2022. The net profits of the bank rose 18.6% for the entire 2024, exceeding expectations thanks to the high income of financing, investment and service fees. “The luxury scenario is probably the shares of Al -Rajhi Bank, but the federal decision will affect the share of Al -Rajhi in Thursday’s trade because it is most sensitive to the US mortgage curve,” according to Muhammad Zaidan, the first financial analyst of Al -Sharq. Attention will also exceed the part of the ‘National Saudi Bank’, which fell 2.85% yesterday, despite the announcement of the bank of its net growth in 2024 in 2024, also exceeding expectations. Mary Salem, the financial analyst of “Al Sharq”, believes that “it is not the fair evaluation of Al -Hly share. The results appeared in conjunction with the rise of Al -Rajhi’s results, which decided to spread the profits by 14.6% at a time when the Al -Hly bank distributions reached the preference for the second half of 2024. Ibrahim Al -Hindi, the economic researcher at the Arab Market Research Center, said that “the exit of deposits (at the National Bank) is very large and that it has affected the performance of the share. But the bank’s profits are higher than the expectations of the experience of the experience, and this is proof of the bank’s strength, whether in assets or investment management.” The part of the interest will also enter the share of the ‘Saudi -Fransi bank’, which was announced after the end of the trade yesterday, its annual profit growth, 7.6%, to 4.54 billion Riyals last year, with a slight superiority over the expectations of Bloomberg, amounting to 4,36 billion Riyals. Alinma Bank also announced its results after the closure of yesterday. The bank achieved a growth of more than 20% in its annual profits from 2024 to 5.83 billion Riyals. The bank’s shares closed yesterday, with 1.8%. In the scope of financial activities, STC Communications also announced that its digital bank had obtained the approval of the Saudi Central Bank to start practicing its banking operations in the kingdom. The share of the company rose 1% yesterday and continued the increase to the second session in a row. The ‘federal’ decision The Federal Reserve kept the reference interest rates unchanged between 4.25% and 4.5% after reducing three consecutive time by a total of one percentage point last year. “The markets have already price the federal decision, which is why it is not expected to have a significant impact on the trade,” Salem said.