NEW YORK, Dec. 28, 2025, 9:55 a.m. ET — Market Closed
Saudi Stock Exchange trading (Tadawul) wrapped up its Sunday session with a sharp pullback, as lower oil prices and thin year-end liquidity pushed the market broadly into the red—setting up a watchful start to the week for investors tracking Saudi equities from New York to Riyadh.
The Tadawul All Share Index (TASI), the Saudi Stock Exchange’s benchmark, fell 1.04% to close at 10,416.65. Trading activity totaled about 136 million shares, with value near SR2.40 billion (around $640 million), while the MSCI Tadawul 30 (MT30) and the Nomu Parallel Market Index also ended lower. Arab News PK+1
Why Saudi stocks fell: oil did what oil does
Saudi equities often move with crude—sometimes subtly, sometimes like a weather vane in a sandstorm. Sunday’s decline followed a notable drop in oil prices on Friday, a key catalyst for Gulf markets. Reuters attributed the mood to holiday-thinned trading and investor anxiety about a potential global supply glut, even as geopolitics remained on the radar. Reuters
In that broader Gulf backdrop, Reuters reported Saudi Arabia’s benchmark index fell about 1%, with heavyweight declines in Al Rajhi Bank and Saudi Aramco—two bellwethers that can tilt the entire market’s center of gravity. Reuters
Oil itself provided the day’s macro “why” in plain numbers: Brent crude settled Friday down 2.57% at $60.64 a barrel, while U.S. WTI settled down 2.76% at $56.74. Reuters
The fresh forecast investors are latching onto
Beyond the daily move, it’s the forward curve of expectations that’s been nagging markets: oversupply risk.
Reuters flagged a stark data point from the International Energy Agency’s latest outlook, saying figures from the IEA’s December oil market report indicate global oil supply next year could exceed demand by about 3.84 million barrels per day. Reuters+1
That kind of imbalance matters to Saudi equities because oil revenue underwrites fiscal space, sentiment, and (directly and indirectly) spending power across the economy—especially when markets are already trading with year-end caution. Reuters also noted that lower oil prices and export disruptions can pressure the fiscal balances of oil-reliant countries. Reuters+1
Analysts quoted by Reuters were blunt about the tug-of-war between headlines and fundamentals. Aegis Hedging wrote that “geopolitical premiums have provided near-term price support, but have not materially shifted the underlying oversupply narrative.” Reuters
Dennis Kissler, senior vice president of trading at BOK Financial, pointed to “elevated global oil storage” and incremental movement around Russia–Ukraine peace efforts as continuing negatives for crude. Reuters
Winners, losers, and the company news that moved single stocks
Even on a down day, Tadawul still produced its usual stock-pickers’ drama.
Among the notable gainers, Flynas closed up 5.08% at SR64.10, while Arabian Mining Co. (Ma’aden) rose 4.76% to SR88, and Saudi Industrial Export Co. gained 4.76% to SR2.20. Arab News PK
On the downside, Mutakamelah Cooperative Insurance fell 8.35% to SR10.54, while Wafrah for Industry and Development dropped 7.14% to SR19.50. Consolidated Grunenfelder Saady Holding slid 7.08% to SR8.92, and Leejam Sports declined 6.75% to SR94. Arab News PK
One of the more concrete corporate updates came from Naqi Water Co., which disclosed an addendum to a previously announced contract to purchase bottled-water production capacity for a new Riyadh factory. The scope expanded from one line to two, lifting planned capacity to 120,000 bottles per hour (a 20% increase) and repricing the contract to €9.58 million from €8.54 million. Naqi Water shares ended down 2.71% after the update, and the company said financial impact is expected to begin in Q4 2026. Arab News PK
What the “Market Closed” status in New York means for Saudi-stock watchers
At 9:55 a.m. ET on a Sunday, Wall Street is closed—so U.S.-listed price discovery is limited to instruments that trade outside standard hours (like some futures) and to whatever the global market has already digested.
For U.S.-based investors who want a liquid proxy for Saudi equities during New York hours, one common route is the iShares MSCI Saudi Arabia ETF (ticker: KSA), which is designed to track an index composed of Saudi Arabian equities. BlackRock
That matters because when Tadawul moves while the U.S. market is shut, the “catch-up” can show up later in related instruments once U.S. trading resumes.
Before the next Tadawul session: what investors should know
Saudi Exchange trading days run Sunday through Thursday, with the main trading window typically around 10:00 a.m. to 3:00 p.m. local time (Riyadh). TradingHours+1
For investors operating on U.S. Eastern Time, that schedule means much of Saudi price action happens overnight—often before the New York opening bell.
Heading into the next session, here are the pressure points investors are likely to keep front-and-center:
Oil direction and volatility. Sunday’s equity move was tightly linked to crude weakness. With the market increasingly focused on the “oversupply narrative,” incremental shifts in crude—especially around production expectations and inventory signals—can quickly leak into Saudi financials and megacaps. Reuters+1
Liquidity (or the lack of it). Year-end trading conditions can amplify moves. Reuters quoted Daniel Takieddine, co-founder and CEO of Sky Links Capital Group, saying liquidity could remain limited heading into year-end and markets may stay range-bound in the coming sessions. In thin markets, a handful of large orders can shove indexes around more than usual—especially in benchmark-heavy markets like Tadawul. Reuters
Big benchmark names as the steering wheel. Reuters highlighted declines in Al Rajhi Bank and Saudi Aramco in the latest session. When these two drift in the same direction, they can dominate the index narrative even if the broader tape is mixed. Reuters
Company-specific catalysts. Saudi markets can pivot quickly on contract wins, capex plans, and production expansions—like Naqi Water’s factory-capacity revision—because these updates can change near-term expectations for earnings momentum and margins (or simply trigger risk-off profit-taking when liquidity is light). Arab News PK
The bottom line
Saudi Stock Exchange trading ended Sunday with a clear risk-off tone: the TASI fell to 10,416.65, breadth skewed negative, and oil once again acted as the macro lever. Arab News PK+1
With New York markets closed today, investors have a brief window to digest what Tadawul priced in—particularly the renewed focus on oversupply fears in crude markets—before the next wave of global trading resumes and cross-market correlations have their next chance to snap into place. Reuters+1
