TASI hits lowest level in 3 months under pressure from oil and leading stocks
The Saudi Stock Exchange's main index, TASI, closed sharply lower on Tuesday, falling 1.3% to close at 10,453 points, a loss of approximately 137 points. This marks the index's lowest close in three months, with total trading value reaching around SAR 3.6 billion.
The index opened trading at 10,601 points, and during the session it recorded its highest level at 10,609 points, before it was subjected to selling pressures that pushed it to record its lowest level at 10,450 points, to close very close to its daily low.
Impact of oil prices and global markets
This decline in the local market coincides with significant drops in global energy markets, where oil prices fell by 2%, with Brent crude breaking the $60 per barrel mark for the first time since last May. Oil prices are a key factor affecting investor sentiment in the Saudi market, given the close correlation between the energy and petrochemical sectors and the performance of the general index, which has negatively impacted traders' risk appetite.
Market performance since the beginning of 2025
Looking at the cumulative performance, the market has deepened its losses since the beginning of 2025, with losses reaching about 1,600 points, representing a decline of more than 13% compared to the closing of last year, 2024. This performance reflects a state of fluctuation and uncertainty that dominates the investment landscape, amid anticipation of global and local economic changes.
Pressure on leading stocks
The session saw significant pressure from leading stocks that heavily influence the index's movement. Saudi Aramco shares fell by 1% to close at SAR 23.75, while Al Rajhi Bank shares declined by 2%, closing at SAR 95.60. The decline in these two stocks was a major factor in pulling the index into negative territory.
The declines also affected a wide range of major companies, with shares of Ma'aden, Al-Ahli Bank, ACWA Power, SABIC Nutrients, SABIC, Masar, Etihad Etisalat, Elm, Alinma Bank, Bank Albilad, Almarai, National Industrialization Company, Jabal Omar, Seera, and Petro Rabigh all closing down between 1% and 5%. Chubb shares led the list of the biggest losers, falling by more than 5%.
Winners amid the downturn
On the other hand, amid this red wave, some stocks managed to swim against the current, with Dar Al Arkan stock rising by 3%, and Arabian Drilling, Luberef, and Gas and Manufacturing stocks recording a rise of 1%, reflecting the existence of selective opportunities for speculators and investors even in light of the overall market decline.
