Saudi Tadawul All Share Index Closes Flat as Sector Weakness Offsets Oil Rally

Saudi Arabia's benchmark stock index, the Tadawul All Share (TASI), closed marginally lower on Sunday, slipping by 0.03%. The slight decline came despite a strong rally in global oil prices, with weakness in several domestic sectors weighing on the broader market.

Session in Review

At the close of trading, market data showed a bearish sentiment despite the flat finish for the main index. Falling stocks significantly outnumbered advancing ones on the Saudi Exchange by a margin of 226 to 91, with 21 issues ending the day unchanged.

Losses were primarily driven by underperformance in the Retail, Media & Publishing, and Agriculture & Food sectors, according to a report from Investing.com. This sector-specific pressure was enough to offset the positive momentum from the energy market.

Notable Stock Movements

Several companies experienced significant price swings during the session. The day's top performers included:

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• Knowledge Economic City (TADAWUL:4310), which surged 9.99% to 13.21, hitting a new 52-week high.
• Saudi Enaya Cooperative Insurance (TADAWUL:8311), which added 6.90%.
• Al Masane Al Kobra Mining Company (TADAWUL:1322), up 4.93%.

On the other end, the worst performers were led by Rasan Information Technology (TADAWUL:8313), which fell 3.60%, and Saudi Manpower Solutions Co (TADAWUL:1834), which declined 3.41%.

Broader Market Context

The muted performance of Saudi equities contrasted with a bullish day for energy commodities, a key driver for the Kingdom's economy. Crude oil futures for September delivery rose 4.48% to $81.78 a barrel, while the international benchmark Brent oil gained 4.59% to $88.10 a barrel.

In currency markets, the Saudi Riyal remained pegged to the US dollar, with the USD/SAR pair unchanged at 3.76. The US Dollar Index Futures, which measures the greenback against a basket of currencies, was up 0.02% at 100.59.