Story
Saudi Stocks Hit 6-Month Low on Broad Sector Weakness
Summary
Saudi Arabia's Tadawul All Share index declined 0.46% to its lowest point in six months, dragged down by widespread losses in sectors including energy, agriculture, and tourism.
Saudi Arabia's benchmark stock index, the Tadawul All Share, fell 0.46% at the close of trading on Thursday, establishing a new six-month low. The decline was driven by broad-based selling pressure, with several key sectors contributing to the negative performance.
Market Details
The session saw decliners significantly outpace advancers on the Saudi Stock Exchange. According to market data, 184 stocks ended the day lower, while 131 registered gains, and 19 closed unchanged. The selling pressure was most pronounced in the Agriculture & Food, Energy & Utilities, and Hotels & Tourism sectors.
The day's worst-performing stocks included:
- Methanol Chemicals Company (2001), which plunged 9.49% to trade at 25.00, hitting an all-time low.
- Tabuk Agricultural Development Company (6040), which fell 8.25% to end at 38.28.
- Armah Sports Co (6022), which decreased by 7.83% to close at 61.25.
AdDespite the overall market downturn, a few companies posted strong gains. Raydan Food Company (6012) was the top performer, rising 7.75%. It was followed by Naseej International Trading Company (1213) and Raoom Trading Company (4144), which added 4.44% and 4.34%, respectively.
Commodities and Currency Context
The slide in Saudi equities occurred even as energy prices, a key driver for the kingdom's economy, moved higher. November contracts for Crude Oil futures rose 1.22% to $91.52 a barrel, while Brent oil for December delivery gained 2.14% to reach $100.13 a barrel.
In currency markets, the Saudi riyal remained stable against the U.S. dollar, with the USD/SAR pair unchanged at 3.75. The US Dollar Index Futures, which measures the greenback against a basket of major currencies, was up 0.34%, indicating broader dollar strength.
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