Saudi Arabia’s stock market took a small step back on Sunday, with the Tadawul All Share Index (TASI) slipping 0.38% by the end of the day. The dip wasn’t dramatic, but it reflected a cautious mood as investors weighed global uncertainty and a bit of pressure from the energy and insurance sectors.
What’s Behind the Drop?
Some of the bigger sectors—including insurance, energy, and petrochemicals—were in the red, and that was enough to drag the market down overall. It’s not that anything major went wrong; it just seemed like investors were being careful, maybe waiting to see where global oil prices and interest rates go next.
Some Stocks Still Managed to Shine
Even on a down day, a few names stood out with strong performances.
Al Sorayai Trading and Industrial Group led the pack, jumping almost 10% to close at SAR 43.05. That kind of move often gets noticed—and might be driven by renewed interest from investors or optimism about the company’s direction.
Dur Hospitality also had a solid day, rising nearly 10%, while Middle East Specialized Cables Co. (MESC) climbed almost 9%, possibly riding on momentum in the construction and infrastructure sectors.
Who Took the Biggest Hits?
On the flip side, Dar Alarkan, a major name in real estate, dropped more than 5.5%, closing at SAR 12.00. Rising interest rates could be making investors nervous about the housing sector.
Solutions by stc—a key player in telecom and IT—lost around 4.6%, and Arabia Insurance Cooperative Co. fell about 4.5%, likely reflecting the broader dip across insurance stocks today.
A Fairly Balanced Market
Even though the index was slightly down, the market wasn’t entirely negative. Out of all the listed companies:
- 120 stocks were up
- 118 were down
- 14 stayed flat
So overall, it was a mixed day—not overly bullish, but not a selloff either.
What’s Happening with Oil and Gold?
In the commodities space, oil prices were mostly flat.
- U.S. crude stayed around $74.46 a barrel
- Brent crude slipped to $79.26, down about 2.4%
Meanwhile, gold prices inched up by 0.85%, landing at $1,803 per ounce—a sign that some investors are looking for safe ground as markets wobble slightly.
Currency Market: Pretty Quiet
Currency moves were low-key today:
- The euro dropped slightly against the Saudi riyal to SAR 3.98
- The U.S. dollar held steady at SAR 3.76
The Dollar Index, which tracks the greenback against other currencies, nudged up 0.24% to hit 104.45—likely due to expectations that U.S. interest rates won’t be coming down anytime soon.
What’s Next for the Market?
As we head into a new week, all eyes will be on company earnings, oil price updates, and any fresh signals from central banks. Investors seem to be playing it safe for now, but that could change quickly if strong earnings start rolling in or global markets pick up momentum.
For now, though, Saudi traders seem happy to sit tight and wait for a clearer picture.
