Story
Saudi Tadawul All Share Closes 0.40% Lower, Weighed Down by Transport and Food Sectors
Saudi Arabia's benchmark stock index, the Tadawul All Share (TASI), closed down 0.40% on Monday, as losses in several key sectors pulled the market lower. The decline reflected broad-based selling pressure despite positive momentum in global energy markets.
Market Internals
Market breadth was decidedly negative at the close of trading, with 223 stocks declining compared to 108 advancers, while 23 issues ended the session unchanged, according to exchange data. The most significant downward pressure came from the Transport, Agriculture & Food, and Media & Publishing sectors.
Movers and Shakers
The session saw significant divergence among individual stocks. The worst-performing companies included:
- Saudi Ground Services Co. (TADAWUL: 4031), which plunged 6.95% to a three-year low.
- Knowledge Economic City (TADAWUL: 4310), which declined 4.60%.
- Yanbu National Petrochemical Co. (TADAWUL: 2290), which fell 4.07%.
AdOn the other hand, a few companies bucked the negative trend. The top performers were:
- Banan Real Estate Company SJSC (TADAWUL: 4324), which surged 8.00%.
- Al Etihad Cooperative Insurance Co SJSC (TADAWUL: 8170), adding 5.21%.
- Naqi Water Co. (TADAWUL: 2282), which rose 5.00%.
Broader Market Context
The dip in Saudi equities occurred even as oil prices, a key driver for the kingdom's economy, advanced. WTI crude oil futures for October delivery rose over 1% to trade at $92.41 a barrel, while November Brent crude futures gained 1.18% to $97.42 a barrel.
In currency markets, the USD/SAR pair was stable at 3.76. Meanwhile, gold futures for December delivery saw a decline of 0.77%, according to data reported by Investing.com.
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