Saudi equities fell over 2% on Monday, driven by a sharp decline in banking sector stocks, while Aramco helped contain broader losses. The Tadawul All Share Index dropped 2.1% as banking stocks like Al Rajhi Bank and Saudi British Bank fell by 4% and 3.5%, respectively. Aramco, the kingdom's largest company, closed down 1.2%, mitigating further market declines. The selloff reflects growing concerns over regional economic slowdowns and global market volatility. Traders are monitoring potential spillover effects from the Fed's tightening cycle and geopolitical tensions in the Middle East. The banking sector's weakness highlights vulnerabilities in Gulf markets, where liquidity and regulatory changes remain key risks. Investors should watch for central bank interventions and Aramco's quarterly results, scheduled for next week. Analysts suggest the market may find support near the 9,500-point level, but sustained weakness could test 9,200. Regional investors are advised to hedge against currency fluctuations and monitor oil price movements, which directly impact Saudi equity valuations.
مباشر