Saudi Shares Close Lower as Sector-Wide Losses Offset Oil Gains

Saudi Arabia's benchmark stock index closed in negative territory on Thursday, as broad-based selling pressure in several key sectors outweighed gains in the global energy market. The Tadawul All Share Index (TASI) declined by 0.42% by the end of the trading session.

Market Performance

The day's trading was characterized by widespread losses, with declining stocks outnumbering advancers on the Saudi Stock Exchange by 180 to 127, while 33 stocks ended the session unchanged. According to market data, the most significant downward pressure came from the Media & Publishing, Insurance, and Energy & Utilities sectors.

Notable Movers

Several individual stocks saw significant price movements during the session. The day's top decliners and gainers included:

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• Worst Performers: Rasan Information Technology was the biggest loser, plummeting 10.00%. It was followed by Saudi Printing & Packaging Company, which fell 7.08%, and Arabian Company for Agricultural and Industrial Investment, down 6.10%.
• Best Performers: On the upside, Middle East Specialized Cables Co. surged 9.95%. Saudi Aramco Base Oil Company (Luberef) also posted a strong performance, adding 3.89% to reach a new 52-week high at 133.50.

Broader Context

The decline in Saudi equities occurred even as crude oil prices, a critical driver for the kingdom's economy, moved higher. Brent crude futures for September delivery rose 0.90% to $78.72 a barrel, while West Texas Intermediate (WTI) crude for August delivery was up 0.65% at $74.00 a barrel.

In currency markets, the Saudi riyal remained stable against the U.S. dollar, with the USD/SAR pair little changed at 3.75. The U.S. Dollar Index Futures, which measures the greenback against a basket of major currencies, saw a slight gain of 0.02%.