Saudi Non-Oil Growth Remains Solid in July Despite Stock Declines

The Saudi non-oil growth remained solid in July as demand improved, according to the latest PMI (Purchasing Managers' Index) data. The index shows that the non-oil sector's output continued its upward trend for the fifth consecutive month.

On a year-over-year basis, the index increased by 0.27%, indicating steady growth in the sector. However, some stocks such as OGDC and PIBTL saw significant declines of 3.59% and 1.05%, respectively.

The PMI data also indicates that new orders rose for a third month in July, while employment levels continued to expand. Despite this, some companies like TPL experienced a decline in their stock prices by 2.14%.