Key Points
- Saudi Arabia stocks declined, with the TASI down by 0.23% due to losses in the Energy & Utilities, Media & Publishing, and Agriculture & Food sectors.
- Riyadh Cement Co., Saudi Industrial Export Co., and Miahona Holding SCJSC were among the top performers.
- AL-BABTAIN POWER & TELECOM Co., Al-Jouf Agriculture Development Co., and Shatirah House Restaurant Co. were among the worst performers.
- 175 stocks declined, 129 advanced, and 25 remained unchanged. Crude oil dropped 2.74%, Brent oil fell 2.33%, and Gold futures decreased 0.41%.
Saudi Arabia stocks closed lower on Sunday, with the Tadawul All Share Index (TADAWUL: TASI) declining by 0.23% or 27.67 to 12,103.16. Losses in the Energy & Utilities, Media & Publishing, and Agriculture & Food sectors weighed on the market. Broad market sentiment was cautious, reflecting continued concerns about global economic conditions and lower crude oil prices.
Among the top performers, Riyadh Cement Co. (TADAWUL:3092) led gains, surging 9.88% or 2.95 to close at 32.80 SAR. Saudi Industrial Export Co. (TADAWUL:4140) also saw a notable increase of 9.76% or 0.24 to end at 2.70 SAR, while Miahona Holding SCJSC (TADAWUL:2084) rose by 5.81% or 1.70 to 30.95 SAR in late trading. The gains in these stocks helped counterbalance declines in other sectors.
On the downside, AL-BABTAIN POWER & TELECOM Co. (TADAWUL:2320) was the session’s weakest performer, dropping 8.00% or 3.45 to close at 39.65 SAR. Al-Jouf Agriculture Development Co. (TADAWUL:6070) followed, losing 7.67% or 5.20 to 62.60 SAR. Shatirah House Restaurant Co. (TADAWUL:6016) also struggled, declining 7.11% or 1.50 to 19.60 SAR, marking a new all-time low for the stock.
Market breadth remained negative, with 175 stocks declining, 129 stocks advancing, and 25 remaining unchanged on the Saudi Stock Exchange. This trend underscores investor caution amid a challenging economic landscape, amplified by fluctuating commodity prices.
In commodities, Crude oil for December delivery declined 2.74% or 1.98 to settle at 70.38 USD a barrel. Brent oil for January also dropped by 2.33% or 1.76, reaching 73.87 USD a barrel, reflecting a broader slide in oil prices due to global demand concerns and market volatility. Gold futures for December fell by 0.41% or 11.00, closing at 2,694.80 USD per troy ounce, indicating weakened demand for safe-haven assets amid a strong dollar.
Currency movements were relatively stable. EUR/SAR fell 0.74% to 4.03, while USD/SAR held steady at 3.76, reflecting minimal currency volatility. Meanwhile, the US Dollar Index Futures rose 0.50% to 104.89, reinforcing the dollar’s position against other currencies.
