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Saudi Tadawul All Share Gains 0.27% as Oil Prices Rally
Saudi Arabia's main stock index ended Thursday's session in positive territory, supported by a strong performance in the energy sector as oil prices surged. The benchmark Tadawul All Share Index (TASI) gained 0.27% by the close of trading.
Market Performance
The modest advance was led by gains in the Industrial Investment, Energy & Utilities, and Insurance sectors, according to market data. Investor sentiment appeared mixed, as the market breadth was nearly flat, with 158 stocks advancing and 153 declining, while 19 companies ended the session unchanged.
Key individual stock movements highlighted the day's activity. The top performers included:
- Electrical Industries Co (TADAWUL:1303), which surged 9.93% to close at 14.83.
- National Medical Care Company (TADAWUL:4005), adding 5.50% to finish at 115.00.
- Ataa Educational Co (TADAWUL:4292), which rose 5.40% to 47.20.
AdOn the other end, the session's biggest decliners were Raoom Trading Company SJSC (TADAWUL:4144), which fell 4.43%, and Dar Alarkan Real Estate Development (TADAWUL:4300), which dropped 3.27%.
Commodity and Currency Backdrop
The equity market gains came alongside a significant rally in the energy markets, a crucial driver for the Saudi economy. Crude oil futures for September delivery climbed 4.68% to trade at $90.89 a barrel. The global benchmark, Brent oil, saw an even larger increase, rising 5.83% to $99.55 a barrel.
In other markets, August Gold Futures fell 1.93%. In foreign exchange, the Saudi riyal remained stable against the US dollar, with the USD/SAR pair unchanged at 3.75, reflecting its currency peg. The US Dollar Index Futures, which measures the greenback against a basket of currencies, was up 0.30%.
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