TASI in the "Operation Room": Rebalancing or Tactical Escape?

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When you look at the pale green of the indicator, you might think things are stable.
But if you lift the lid and look at the "engine" of the market, you'll find a fierce struggle between major players.

What happened in recent days is not just ordinary trading; it’s a practical lesson in "Sector Rotation" (.
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1. The "Giant Battle":
Banks save the situation, and energy sectors exert pressure. The scene is essentially a "tug-of-war" between the two largest sectors in the market:

Energy Sector )Led by Aramco(:
Faced clear selling pressure, which drained liquidity and caused a decline in the overall market capitalization )Despite the index rising!(.
Aramco's decline is not just a number; it reflects investors' concerns over fluctuations in global oil markets.
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Banking Sector )Led by Al Rajhi and Al Ahli(:
Carried the market on its shoulders.
Smart liquidity exited energy and moved to seek safety and returns in banks, which rose by about 3%.

The takeaway here:
The general index "TASI" rises )Deceiving some(, but the overall market cap decreases. This means the rise is supported by a handful of leading stocks, while the vast majority bleed silently.
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2. The "Most Active Stocks" Puzzle:
Speculation or Investment?
When we see "Americana" leading in volume, and "Burgers" jumping by 13%,

It tells us one thing: "Individual risk appetite is still alive, but very selective."

Individual liquidity is searching for light )Small Caps( and fast-moving stocks to compensate for the stagnation of heavy stocks.

This is purely speculative behavior indicating that individuals are trying to "grab" profits in a foggy market.
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3. Where did the liquidity go?
A decline in trading values to levels of 3.3 billion riyals per session is a warning bell.

Major portfolios )Institutions( are in a "wait-and-see" mode.

They are not selling in panic, but they are not rushing to buy either.

Liquidity has dried up because everyone is waiting for clarity on US interest rates and oil prices.
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My outlook for what’s coming:
We are in a "re-centering" phase.
The market clearly tells you:
"Temporarily avoid sectors linked to oil, focus on those benefiting from sustained high )or stable( interest rates and a strong domestic economy like banks and tech."

The market is not bad; it’s just "difficult" right now.
Opportunities exist, but they don’t shout... they whisper to those who have patience.

Is your portfolio diversified across sectors, or have you put all your eggs in one basket?

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