Saudi Tadawul Index Edges Higher on Sector Strength Despite Broad Declines

Saudi Arabia's Tadawul All Share Index recorded a modest gain at Monday's close, rising 0.13% as strength in key sectors offset broader market weakness. The advance came despite a majority of listed companies seeing their share prices decline, according to data from Investing.com.

Sector Gains Mask Weak Breadth

The index's positive performance was primarily driven by gains in the Insurance, Financial Services, and Real Estate Development sectors. This narrow leadership highlights a lack of broad-based momentum in the market.

Market internals painted a less optimistic picture, as declining stocks significantly outnumbered advancing ones. On the Saudi Arabia Stock Exchange, 228 companies saw their shares fall, while only 103 advanced and 17 ended the session unchanged.

Notable Stock Performance

Several individual stocks saw significant movement. The session's top performers included:

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• Saudi Arabia Refineries Co. (TADAWUL:2030), which surged 9.98% to close at 58.95.
• Wafrah for Industry and Development Company SJSC (TADAWUL:2100), which added 6.25% to end at 22.77.

On the downside, Riyadh Cement Co (TADAWUL:3092) was among the worst performers, falling 4.91%. Shares in Saudi Company for Hardware (TADAWUL:4008) declined 3.39% to reach an all-time low of 18.26.

Broader Market Context

In the commodities market, a key driver for the Saudi economy, oil prices rallied sharply. Crude oil futures for October delivery climbed 4.51% to $104.56 a barrel, while Brent oil for November delivery rose 4.45% to $109.27 a barrel.

Elsewhere, gold futures fell 1.95%, while the US Dollar Index Futures, which measures the greenback against a basket of major currencies, gained 0.51%. The USD/SAR currency pair remained stable at 3.76.