The Saudi stock market (TASI) plunged 1.92% to 9,735.71 points at 12:34 PM, its lowest level in 52 weeks, in the last trading session of the week. This marks its eighth consecutive week of losses unless it rebounds 3.8% before the close. Key events in the market included the National Commercial Bank's (Q3 -0.3%) results and the Aramco CEO's remarks regarding supply and inventory levels.
Weekly tally: Eighth losing week?
Closings: Sunday 10,189.77 (+0.82%), Monday 10,123.62, Tuesday 9,952.06, Wednesday 9,926.62, and today around 9,735.71.
Compared to last week's close (10,106.54): -370.83 points (-3.67%), it needs a rebound of about 3.8% to avoid a weekly loss.
The streak: This week was preceded by seven consecutive weeks of losses (the longest since 2022), so this will be the eighth week if it closes below 10,106.54.
From the peak: -13.8% from the August 27 peak (11,293.90) and -17.4% from the 52-week peak (11,781.68).
Since the beginning of the year: approximately -756 points (-7.2%) according to our calculations (from approximately 10,492).
Market value (estimate): A loss of approximately 169 billion riyals today (approximately $45 billion) and approximately 329 billion riyals during the week, bringing the total to approximately 8.63 trillion riyals.
Today's session (shot 12:31-12:34)
The index: 9,735.71 (-190.91), between 9,733.42 and 9,887.60, i.e. near the daily low and below Wednesday's low (9,855.76).
Broadening: 44 stocks declined and 6 of the 50 most active stocks rose, with an average of -2.4%.
Banks: Al-Ahli Saudi -3.67% (35.14) after its results, Saudi First Bank -3.21%, Alinma -1.82%, Albilad -2.26%, Riyad -1.18%, Aljazira -0.73%, and Al Rajhi -0.50% (59.90) after strong results.
Materials and Industry: SABIC -3.00% (44.04), Ma’aden -3.74%, Petro Rabigh -2.37%, SABIC Nutrients -3.27%, and Eastern Pipes -7.73%.
The deepest: Electrical Industries -9.91% at 10.36 with about 10 million shares (about 105 million riyals), Musk -9.10%, Al-Asmak -5.84%, and National Iron -5.76%.
The rising companies: Al Ittihad +10.00% at 6.16, Al Arabiya +5.32% at 42.74, and Amak +1.38%.
The most liquid (morning): Al Rajhi with around 205 million riyals, followed by Al Ahli, Electrical Industries, Aramco and Al Inma.
Aramco and the words of its CEO
Today (Al Arabiya Business interview): Amin Nasser said that about 3 billion barrels of oil supplies have been lost since the start of the crisis, and that he expects demand to increase by 3 million barrels per day after it ends.
Plans: Increase the capacity of the East-West pipeline to 10 million barrels per day, conduct engineering studies for additional export routes, double storage capacity outside the Kingdom (especially in Asia), and partner with countries to expand the strategic stockpile.
Aramco's official statement (October 12): Al-Nasser said that commercial onshore stocks are less than six billion barrels, and that refilling them while meeting demand could take up to two years, and that the Kingdom's energy system continued to perform with high reliability.
The stock: -0.78% at 25.38 riyals with approximately 68 million riyals traded, which is less than the index, thus easing the pressure.
Prices: Brent near $111 this morning.
