Tadawul Remains Stable Amid Limited Volatility; Aramco and Al Rajhi Maintain Leadership as Over 40 IPOs Await

The Tadawul All Share Index (TASI) closed Monday’s session at 10,543 points, a slight decrease of 0.45%, reflecting the cautious trend that has characterized the market since the start of the week. By Tuesday, the index stabilized at 10,599.84 points, down 0.38% by mid-session.

These sessions were dominated by local and regional caution, as oil prices hovered below $63 per barrel and investors awaited the impact of new US policies. Saudi market data showed total traded value at about SAR 3.65 billion on both days, with Tuesday seeing over 162 million shares exchanged - indicating moderate liquidity and notable sector rotation rather than a strong unidirectional trend.

Household and personal products led sector gains with a 2.39% rise over the two days. Purity (9614) was the top performer, up 4.37%, followed by Emaar Economic City (+3.55%) and Retal Urban Development (+3.21%). Conversely, Tihama Advertising and Public Relations saw the largest loss (-8.26%), followed by Gulf Training and Education (-7.21%) and the Investment REIT Fund (-6.50%), highlighting pressure on some small and mid-cap stocks.

Blue chips remained relatively stable. Saudi Aramco (2222) continues to represent around 40% of Tadawul’s total market capitalization, with major banks like Saudi National Bank (1180) and Al Rajhi Bank (1120) leading daily trading by value and volume. Financial analysts maintain these heavyweights serve as a ‘protective shield’ for the index amid global volatility, with annual profit growth of 9% expected, supported by Vision 2030 initiatives.

Tadawul CEO Mohammed Al-Rumaih announced at the Financial Markets Forum that the exchange is currently reviewing over 40 new IPO applications, with ambitions to reach 80–100 IPOs in the near future - potentially adding more than SAR 65 billion in new capital. Latest figures show qualified foreign investor (QFI) holdings reached SAR 366.64 billion by the end of October. The Saudi market remains the largest in the Arab world and 11th globally, with a market cap nearing SAR 9.7 trillion.

Looking ahead, analysts believe the Saudi market can regain upward momentum, potentially reaching 11,000 points by mid-2026, driven by foreign investment inflows, stable oil prices above $60, and an accelerated IPO pipeline - key themes of the next phase of Vision 2030. Investors are now awaiting GDP figures and next week’s Saudi central bank policy meeting, which could shape market direction for the remainder of the year.