Signal · Geopolitical Risk

‎TASI erases 2026 gains, falls 3.3% in Q3

Argaam - Main News Trade press Published 1st October 2026 Saudi Arabia

What the source reported

Source-reported

‎<img src="https://argaamplus.s3.amazonaws.com/f7b2035f-10b2-457f-88b5-2cffcedabe2f.png" > Tadawul trading screen <hr> Saudi Arabia’s benchmark Tadawul All-Share Index (TASI) ended the third quarter of 2026 down 3.3%, or 359 points, to close at 10,441, compared with 10,800 points at the end of Q2. The decline erased the index’s gains for the year, leaving it down 0.5%, or 50 points, from its 2025 year-end close of 10,491. TASI had gained 7.2% in Q1 before falling 4% in Q2. Market performance during Q3 was affected by several developments, most notably the US-Iran war, volatile oil prices, and higher interest rates. Key developments during the quarter included: CMA developments: Mazen Al-Sudairi was appointed Chairman of the Capital Market Authority (CMA) board, with the rank of minister, during Q3 2026. The CMA also put several regulatory initiatives out for public consultation, including measures to improve IPO practices, regulate algorithmic trading, regulate the conduct of securities dealing activities outside the Kingdom, and establish rules governing earnings discussion meetings for listed companies. Stalled talks to end the US-Iran war: Talks aimed at ending the war remained deadlocked amid continued political impasse. Oil price volatility and disruption in Hormuz: Energy markets remained concerned about disruptions to shipping through the Strait of Hormuz and their impact on oil flows. The East-West pipeline was shut down after being targeted, pushing oil prices higher, with Brent crude rising above $102 per barrel. OPEC+ production decisions: OPEC+ continued to gradually manage production levels to address global supply shortages and meet rising demand. Interest rate hike: The US Federal Reserve shifted its monetary policy, raising interest rates by 25 basis points to range between 3.75% and 4%. Saudi Q2 2026 budget results: The Ministry of Finance announced the Kingdom’s actual budget performance for Q2 2026, with revenue rising significantly to SAR 339 billion, while expenditure stood at SAR 373 billion. This narrowed the quarterly budget deficit to SAR 34 billion. Historical performance over the past 10 years shows continued quarter-to-quarter volatility, with the market affected by domestic and global economic and geopolitical developments. Quarterly performance of the market index since 2016 <table align="center" border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td > Period </td> <td > Opening (points) </td> <td > Closing (points) </td> <td > Change </td> </tr> <tr> <td colspan="4" > 2016 </td> </tr> <tr> <td > Q1 2016 </td> <td > 6,912 </td> <td > 6,223 </td> <td > (10.0%) </td> </tr> <tr> <td > Q2 2016 </td> <td > 6,223 </td> <td > 6,500 </td> <td > +4.4% </td> </tr> <tr> <td > Q3 2016 </td> <td > 6,500 </td> <td > 5,623 </td> <td > (13.5%) </td> </tr> <tr> <td > Q4 2016 </td> <td > 5,623 </td> <td > 7,210 </td> <td > +28.2% </td> </tr> <tr> <td colspan="4" > 2017 </td> </tr> <tr> <td > Q1 2017 </td> <td > 7,210 </td> <td > 7,002 </td> <td > (2.9%) </td> </tr> <tr> <td > Q2 2017 </td> <td > 7,002 </td> <td > 7,426 </td> <td > +6.1% </td> </tr> <tr> <td > Q3 2017 </td> <td > 7,426 </td> <td > 7,283 </td> <td > (1.9%) </td> </tr> <tr> <td > Q4 2017 </td> <td > 7,283 </td> <td > 7,226 </td> <td > (0.8%) </td> </tr> <tr> <td colspan="4" > 2018 </td> </tr> <tr> <td > Q1 2018 </td> <td > 7,226 </td> <td > 7,871 </td> <td > +8.9% </td> </tr> <tr> <td > Q2 2018 </td> <td > 7,871 </td> <td > 8,314 </td> <td > +5.6% </td> </tr> <tr> <td > Q3 2018 </td> <td > 8,314 </td> <td > 8,000 </td> <td > (3.8%) </td> </tr> <tr> <td > Q4 2018 </td> <td > 8,000 </td> <td > 7,827 </td> <td > (2.2%) </td> </tr> <tr> <td colspan="4" > 2019 </td> </tr> <tr> <td > Q1 2019 </td> <td > 7,827 </td> <td > 8,819 </td> <td > +12.7% </td> </tr> <tr> <td > Q2 2019 </td> <td > 8,819 </td> <td > 8,822 </td> <td > +0.03% </td> </tr> <tr> <td > Q3 2019 </td> <td > 8,822 </td> <td > 8,092 </td> <td > (8.3%) </td> </tr> <tr> <td > Q4 2019 </td> <td > 8,092 </td> <td > 8,389 </td> <td > +3.7% </td> </tr> <tr> <td colspan="4" > 2020 </td> </tr> <tr> <td > Q1 2020 </td> <td > 8,389 </td> <td > 6,505 </td> <td > (22.5%) </td> </tr> <tr> <td > Q2 2020 </td> <td > 6,505 </td> <td > 7,224 </td> <td > +11.0% </td> </tr> <tr> <td > Q3 2020 </td> <td > 7,224 </td> <td > 8,299 </td> <td > +14.9% </td> </tr> <tr> <td > Q4 2020 </td> <td > 8,299 </td> <td > 8,690 </td> <td > +4.7% </td> </tr> <tr> <td colspan="4" > 2021 </td> </tr> <tr> <td > Q1 2021 </td> <td > 8,690 </td> <td > 9,908 </td> <td > +14.0% </td> </tr> <tr> <td > Q2 2021 </td> <td > 9,908 </td> <td > 10,984 </td> <td > +10.9% </td> </tr> <tr> <td > Q3 2021 </td> <td > 10,984 </td> <td > 11,496 </td> <td > +4.7% </td> </tr> <tr> <td > Q4 2021 </td> <td > 11,496 </td> <td > 11,282 </td> <td > (1.9%) </td> </tr> <tr> <td colspan="4" > 2022 </td> </tr> <tr> <td > Q1 2022 </td> <td > 11,282 </td> <td > 13,090 </td> <td > +16.0% </td> </tr> <tr> <td > Q2 2022 </td> <td > 13,090 </td> <td > 11,523 </td> <td > (12.0%) </td> </tr> <tr> <td > Q3 2022 </td> <td > 11,523 </td> <td > 11,405 </td> <td > (1.0%) </td> </tr> <tr> <td > Q4 2022 </td> <td > 11,405 </td> <td > 10,478 </td> <td > (8.1%) </td> </tr> <tr> <td colspan="4" > 2023 </td> </tr> <tr> <td > Q1 2023 </td> <td > 10,478 </td> <td > 10,590 </td> <td > +1.1% </td> </tr> <tr> <td > Q2 2023 </td> <td > 10,590 </td> <td > 11,459 </td> <td > +8.2% </td> </tr> <tr> <td > Q3 2023 </td> <td > 11,459 </td> <td > 11,056 </td> <td > (3.5%) </td> </tr> <tr> <td > Q4 2023 </td> <td > 11,056 </td> <td > 11,967 </td> <td > +8.2% </td> </tr> <tr> <td colspan="4" > 2024 </td> </tr> <tr> <td > Q1 2024 </td> <td > 11,967 </td> <td > 12,402 </td> <td > +3.6% </td> </tr> <tr> <td > Q2 2024 </td> <td > 12,402 </td> <td > 11,680 </td> <td > (5.8%) </td> </tr> <tr> <td > Q3 2024 </td> <td > 11,680 </td> <td > 12,226 </td> <td > +4.7% </td> </tr> <tr> <td > Q4 2024 </td> <td > 12,226 </td> <td > 12,037 </td> <td > (1.5%) </td> </tr> <tr> <td colspan="4" > 2025 </td> </tr> <tr> <td > Q1 2025 </td> <td > 12,037 </td> <td > 12,025 </td> <td > (0.1%) </td> </tr> <tr> <td > Q2 2025 </td> <td > 12,025 </td> <td > 11,164 </td> <td > (7.2%) </td> </tr> <tr> <td > Q3 2025 </td> <td > 11,164 </td> <td > 11,503 </td> <td > +3.0% </td> </tr> <tr> <td > Q4 2025 </td> <td > 11,503 </td> <td > 10,491 </td> <td > (8.8%) </td> </tr> <tr> <td colspan="4" > 2026 </td> </tr> <tr> <td > Q1 2026 </td> <td > 10,491 </td> <td > 11,250 </td> <td > +7.2% </td> </tr> <tr> <td > Q2 2026 </td> <td > 11,250 </td> <td > 10,800 </td> <td > (4.0%) </td> </tr> <tr> <td > Q3 2026 </td> <td > 10,800 </td> <td > 10,441 </td> <td > (3.3%) </td> </tr> </tbody> </table> <div ></div> Monthly performance TASI’s monthly performance during the first nine months of 2026 was mixed. The index rose in January and March but declined in February, followed by consecutive monthly declines throughout Q2 and into July. It then rebounded sharply in August before falling again in September. Monthly index performance <table border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td > Month </td> <td > Closing (points) </td> <td > Change (points) </td> <td > Change (%) </td> </tr> <tr> <td > January </td> <td > 11,382 </td> <td > +891 </td> <td > +8.5% </td> </tr> <tr> <td > February </td> <td > 10,709 </td> <td > (673) </td> <td > (5.9%) </td> </tr> <tr> <td > March </td> <td > 11,250 </td> <td > +541 </td> <td > +5.1% </td> </tr> <tr> <td > April </td> <td > 11,188 </td> <td > (62) </td> <td > (0.6%) </td> </tr> <tr> <td > May </td> <td > 11,078 </td> <td > (110) </td> <td > (1.0%) </td> </tr> <tr> <td > June </td> <td > 10,800 </td> <td > (278) </td> <td > (2.5%) </td> </tr> <tr> <td > July </td> <td > 10,590 </td> <td > (210) </td> <td > (2.0%) </td> </tr> <tr> <td > August </td> <td > 11,127 </td> <td > +537 </td> <td > +5.1% </td> </tr> <tr> <td > September </td> <td > 10,441 </td> <td > (686) </td> <td > (6.2%) </td> </tr> </tbody> </table> Insurance leads gains in 9M 2026; Media entertainment falls 54% Seventeen sectors declined during the first nine months of 2026, led by media and entertainment, which fell 54%, followed by transportation (-23%), and commercial professional services (-17%). Five sectors, meanwhile, posted gains, led by insurance, which rose 11%, and energy, up 7%. Banks advanced 2%. Sector performance in 9M 2026 <table align="center" border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td > Sector </td> <td > 2025 </td> <td > 9M 2026 </td> <td > Change (points) </td> <td > Change (%) </td> </tr> <tr> <td > Energy </td> <td > 4,545 </td> <td > 4,848 </td> <td > +303 </td> <td > +7% </td> </tr> <tr> <td > Materials </td> <td > 4,943 </td> <td > 4,728 </td> <td > (215) </td> <td > (4%) </td> </tr> <tr> <td > Capital Goods </td> <td > 14,930 </td> <td > 13,888 </td> <td > (1,042) </td> <td > (7%) </td> </tr> <tr> <td > Commercial Professional Services </td> <td > 4,035 </td> <td > 3,344 </td> <td > (691) </td> <td > (17%) </td> </tr> <tr> <td > Transportation </td> <td > 4,936 </td> <td > 3,807 </td> <td > (1,129) </td> <td > (23%) </td> </tr> <tr> <td > Consumer Durables Apparel </td> <td > 3,536 </td> <td > 3,095 </td> <td > (441) </td> <td > (12%) </td> </tr> <tr> <td > Consumer Services </td> <td > 3,522 </td> <td > 3,279 </td> <td > (243) </td> <td > (7%) </td> </tr> <tr> <td > Media and Entertainment </td> <td > 16,205 </td> <td > 7,421 </td> <td > (8,784) </td> <td > (54%) </td> </tr> <tr> <td > Consumer Discretionary Distribution Retail </td> <td > 7,437 </td> <td > 7,126 </td> <td > (311) </td> <td > (4%) </td> </tr> <tr> <td > Consumer Staples Distribution Retail </td> <td > 5,704 </td> <td > 4,989 </td> <td > (715) </td> <td > (13%) </td> </tr> <tr> <td > Food Beverages </td> <td > 4,347 </td> <td > 4,209 </td> <td > (138) </td> <td > (3%) </td> </tr> <tr> <td > Household Personal Products </td> <td > 4,568 </td> <td > 4,002 </td> <td > (566) </td> <td > (12%) </td> </tr> <tr> <td > Health Care Equipment Services </td> <td > 9,868 </td> <td > 8,617 </td> <td > (1,251) </td> <td > (13%) </td> </tr> <tr> <td > Pharma, Biotech Life Science </td> <td > 4,373 </td> <td > 4,432 </td> <td > +59 </td> <td > +1% </td> </tr> <tr> <td > Financial Services </td> <td > 5,404 </td> <td > 4,619 </td> <td > (785) </td> <td > (15%) </td> </tr> <tr> <td > Software Services </td> <td > 58,137 </td> <td > 50,810 </td> <td > (7,327) </td> <td > (13%) </td> </tr> <tr> <td > Real Estate Management Development </td> <td > 2,877 </td> <td > 2,932 </td> <td > +55 </td> <td > +2% </td> </tr> <tr> <td > Insurance </td> <td > 7,447 </td> <td > 8,273 </td> <td > +826 </td> <td > +11% </td> </tr> <tr> <td > REITs </td> <td > 2,922 </td> <td > 2,712 </td> <td > (210) </td> <td > (7%) </td> </tr> <tr> <td > Banks </td> <td > 12,255 </td> <td > 12,551 </td> <td > +296 </td> <td > +2% </td> </tr> <tr> <td > Telecommunication Services </td> <td > 8,763 </td> <td > 8,629 </td> <td > (134) </td> <td > (2%) </td> </tr> <tr> <td > Utilities </td> <td > 7,283 </td> <td > 6,771 </td> <td > (512) </td> <td > (7%) </td> </tr> <tr> <td > Market </td> <td > 10,491 </td> <td > 10,441 </td> <td > (50) </td> <td > (0.5%) </td> </tr> </tbody> </table> TASI performance details TASI reached a high of 11,592 points during the first nine months of 2026 on April 15, while its lowest level was 10,194 points on March 1, coinciding with the start of the US-Israel war on Iran. The index posted its top close of the period at 11,589 points on April 15, its highest closing level since October 2025. On the downside, TASI recorded its lowest close at 10,291 points on Jan. 6, its lowest closing level since March 2023 or around 34 months. Daily trading value peaked at SAR 11.08 billion on May 21, the highest since September 2025. Meanwhile, the lowest daily trading value was SAR 1.59 billion on Jan. 1, the lowest since December 2018. During Q3, the index reached a high of 11,294 points on Aug. 27 and a low of 10,440 points on Sept. 30—its lowest level since January. TASI performance in 9M 2026 <table border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td > Period </td> <td > Performance </td> <td > Date </td> <td > Notes </td> </tr> <tr> <td > High (points) </td> <td > 11,592 </td> <td > April 15 </td> <td > — </td> </tr> <tr> <td > Low (points) </td> <td > 10,194 </td> <td > March 1 </td> <td > The market decline coincided with the start of the US-Israeli war on Iran </td> </tr> <tr> <td > Highest close (points) </td> <td > 11,589 </td> <td > April 15 </td> <td > Highest close since October 2025 </td> </tr> <tr> <td > Lowest close (points) </td> <td > 10,291 </td> <td > Jan. 6 </td> <td > Lowest close since March 2023, or around 34 months </td> </tr> <tr> <td > Highest trading value (SAR bln) </td> <td > 11.08 </td> <td > May 21 </td> <td > Highest since September 2025 </td> </tr> <tr> <td > Lowest trading value (SAR bln) </td> <td > 1.59 </td> <td > Jan. 1 </td> <td > Lowest since December 2018 </td> </tr> </tbody> </table> TASI rises in 94 sessions, falls in 89 The April 8 session marked the largest one-day gain for TASI in terms of points during the first nine months of 2026, with the index rising 251 points, or 2.3%. The March 8 session ranked second, with a gain of 231 points. The list of the 10 biggest daily gains remained unchanged during Q3. Biggest daily gains by points in 9M 2026 <table border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td > Session </td> <td > Previous close (points) </td> <td > Close (points) </td> <td > Change (points) </td> <td > Change (%) </td> </tr> <tr> <td > April 8 </td> <td > 11,088 </td> <td > 11,339 </td> <td > +251 </td> <td > +2.3% </td> </tr> <tr> <td > March 8 </td> <td > 10,776 </td> <td > 11,007 </td> <td > +231 </td> <td > +2.1% </td> </tr> <tr> <td > Jan. 22 </td> <td > 10,948 </td> <td > 11,134 </td> <td > +185 </td> <td > +1.7% </td> </tr> <tr> <td > Jan. 7 </td> <td > 10,291 </td> <td > 10,455 </td> <td > +164 </td> <td > +1.6% </td> </tr> <tr> <td > Feb. 2 </td> <td > 11,167 </td> <td > 11,321 </td> <td > +154 </td> <td > +1.4% </td> </tr> <tr> <td > Jan. 13 </td> <td > 10,745 </td> <td > 10,894 </td> <td > +148 </td> <td > +1.4% </td> </tr> <tr> <td > June 9 </td> <td > 10,973 </td> <td > 11,115 </td> <td > +142 </td> <td > +1.3% </td> </tr> <tr> <td > Jan. 11 </td> <td > 10,473 </td> <td > 10,610 </td> <td > +137 </td> <td > +1.3% </td> </tr> <tr> <td > Jan. 12 </td> <td > 10,610 </td> <td > 10,745 </td> <td > +136 </td> <td > +1.3% </td> </tr> <tr> <td > Jan. 25 </td> <td > 11,134 </td> <td > 11,268 </td> <td > +135 </td> <td > +1.2% </td> </tr> </tbody> </table> Meanwhile, the March 1 session remained the largest daily decline in TASI during 2026, with the index falling 233 points. It was followed by Feb. 1, when the benchmark dropped 215 points, and Feb. 19 (-208 points). The Sept. 13 session, which fell within Q3, ranked eighth among the biggest daily declines, with the index dropping 143 points (-1.3%). Biggest daily declines by points in 9M 2026 <table border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td > Session </td> <td > Previous close (points) </td> <td > Close (points) </td> <td > Change (points) </td> <td > Change (%) </td> </tr> <tr> <td > March 1 </td> <td > 10,709 </td> <td > 10,476 </td> <td > (233) </td> <td > (2.2%) </td> </tr> <tr> <td > Feb. 1 </td> <td > 11,382 </td> <td > 11,167 </td> <td > (215) </td> <td > (1.9%) </td> </tr> <tr> <td > Feb. 19 </td> <td > 11,155 </td> <td > 10,947 </td> <td > (208) </td> <td > (1.9%) </td> </tr> <tr> <td > Jan. 4 </td> <td > 10,549 </td> <td > 10,364 </td> <td > (185) </td> <td > (1.8%) </td> </tr> <tr> <td > March 9 </td> <td > 11,007 </td> <td > 10,831 </td> <td > (176) </td> <td > (1.6%) </td> </tr> <tr> <td > April 7 </td> <td > 11,263 </td> <td > 11,088 </td> <td > (175) </td> <td > (1.6%) </td> </tr> <tr> <td > Feb. 5 </td> <td > 11,341 </td> <td > 11,189 </td> <td > (153) </td> <td > (1.3%) </td> </tr> <tr> <td > Sept. 13 </td> <td > 11,007 </td> <td > 10,865 </td> <td > (143) </td> <td > (1.3%) </td> </tr> <tr> <td > Feb. 26 </td> <td > 10,848 </td> <td > 10,709 </td> <td > (139) </td> <td > (1.3%) </td> </tr> <tr> <td > April 23 </td> <td > 11,245 </td> <td > 11,110 </td> <td > (135) </td> <td > (1.2%) </td> </tr> </tbody> </table> Trading value falls 12% in 9M 2026; transactions down 14% Trading value on the Saudi Exchange reached about SAR 894.26 billion during the first nine months of 2026, down 12% from SAR 1.014 trillion in the same period of 2025. Average daily trading value stood at about SAR 4.89 billion. Saudi Exchange trading value in 9M 2026 (SAR bln) <table border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td > Month </td> <td > 9M 2025 </td> <td > 9M 2026 </td> <td > Daily average </td> <td > Change </td> </tr> <tr> <td > January </td> <td > 140.94 </td> <td > 100.02 </td> <td > 4.76 </td> <td > (29%) </td> </tr> <tr> <td > February </td> <td > 113.12 </td> <td > 87.15 </td> <td > 4.59 </td> <td > (23%) </td> </tr> <tr> <td > March* </td> <td > 108.53 </td> <td > 103.91 </td> <td > 5.77 </td> <td > (4%) </td> </tr> <tr> <td > April </td> <td > 125.96 </td> <td > 125.54 </td> <td > 5.71 </td> <td > (0.3%) </td> </tr> <tr> <td > May** </td> <td > 103.89 </td> <td > 91.63 </td> <td > 5.73 </td> <td > (12%) </td> </tr> <tr> <td > June </td> <td > 95.66 </td> <td > 108.33 </td> <td > 4.92 </td> <td > +13% </td> </tr> <tr> <td > July </td> <td > 107.55 </td> <td > 86.09 </td> <td > 3.91 </td> <td > (20%) </td> </tr> <tr> <td > August </td> <td > 91.04 </td> <td > 112.44 </td> <td > 5.11 </td> <td > +24% </td> </tr> <tr> <td > September </td> <td > 127.43 </td> <td > 79.15 </td> <td > 3.77 </td> <td > (38%) </td> </tr> <tr> <td > Total </td> <td > 1,014.12 </td> <td > 894.26 </td> <td > 4.89 </td> <td > (12%) </td> </tr> </tbody> </table> * Eid Al-Fitr holiday. ** Eid Al-Adha holiday. The number of transactions executed on the Saudi Exchange reached about 79.47 million in the first nine months of 2026, down 14% from 91.91 million transactions in the same period of 2025. April recorded the highest monthly number of transactions during the first nine months of 2026, at about 10.70 million, while May saw the lowest, at about 7.52 million. Transactions executed in 9M 2026 (mln) <table border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td > Month </td> <td > 9M 2025 </td> <td > 9M 2026 </td> <td > Change </td> </tr> <tr> <td > January </td> <td > 10.52 </td> <td > 9.18 </td> <td > (13%) </td> </tr> <tr> <td > February </td> <td > 8.19 </td> <td > 7.79 </td> <td > (5%) </td> </tr> <tr> <td > March </td> <td > 9.61 </td> <td > 8.14 </td> <td > (15%) </td> </tr> <tr> <td > April </td> <td > 12.05 </td> <td > 10.70 </td> <td > (11%) </td> </tr> <tr> <td > May </td> <td > 10.08 </td> <td > 7.52 </td> <td > (25%) </td> </tr> <tr> <td > June </td> <td > 9.28 </td> <td > 9.36 </td> <td > +1% </td> </tr> <tr> <td > July </td> <td > 10.96 </td> <td > 8.67 </td> <td > (21%) </td> </tr> <tr> <td > August </td> <td > 9.88 </td> <td > 10.27 </td> <td > +4% </td> </tr> <tr> <td > September </td> <td > 11.34 </td> <td > 7.84 </td> <td > (31%) </td> </tr> <tr> <td > Total </td> <td > 91.91 </td> <td > 79.47 </td> <td > (14%) </td> </tr> </tbody> </table> Stock performance Several listed stocks posted strong gains during the first nine months of 2026 compared with their year-end 2025 closes. Petro Rabigh led the gainers, surging 151%, followed by Knowledge Economic City (KEC) with a 96% increase and MIS with a 70% gain. Kingdom Holding rose 68%, while MESC and Saudi Enaya advanced 52% and 51%, respectively. Top 10 gainers* <table border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td > Company </td> <td > 2025 </td> <td > 9M 2026 </td> <td > Change </td> </tr> <tr> <td > Petro Rabigh </td> <td > 6.84 </td> <td > 17.20 </td> <td > 151% </td> </tr> <tr> <td > KEC </td> <td > 11.42 </td> <td > 22.40 </td> <td > 96% </td> </tr> <tr> <td > MIS </td> <td > 174.00 </td> <td > 295.00 </td> <td > 70% </td> </tr> <tr> <td > Kingdom Holding </td> <td > 8.00 </td> <td > 13.46 </td> <td > 68% </td> </tr> <tr> <td > MESC </td> <td > 21.27 </td> <td > 32.24 </td> <td > 52% </td> </tr> <tr> <td > Saudi Enaya </td> <td > 6.94 </td> <td > 10.48 </td> <td > 51% </td> </tr> <tr> <td > Americana </td> <td > 1.68 </td> <td > 2.41 </td> <td > 43% </td> </tr> <tr> <td > GIG </td> <td > 21.38 </td> <td > 30.48 </td> <td > 43% </td> </tr> <tr> <td > Saudi Steel Pipe </td> <td > 37.18 </td> <td > 52.75 </td> <td > 42% </td> </tr> <tr> <td > Arabian Pipes </td> <td > 3.75 </td> <td > 5.22 </td> <td > 39% </td> </tr> </tbody> </table> *Adjusted for changes in share prices resulting from changes in capital and the number of shares. Top decliners Arabian Contracting Services Co. (<a href="http://www.argaam.com/en/tadawul/tasi/alarabia" target="_blank">Al Arabia</a>) led the decliners during the first nine months of 2026, falling 60%, followed by Saudi Research and Media Group (SRMG), down 57%, and Lumi, which declined 51%. Theeb fell 49%, while Tasheel and Naseej each dropped 48%. <table border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td colspan="4" > Top 10 decliners* </td> </tr> <tr> <td > Company </td> <td > 2025 </td> <td > 9M 2026 </td> <td > Change </td> </tr> <tr> <td > Al Arabia </td> <td > 115.60 </td> <td > 46.30 </td> <td > (60%) </td> </tr> <tr> <td > SRMG </td> <td > 124.50 </td> <td > 54.00 </td> <td > (57%) </td> </tr> <tr> <td > Lumi </td> <td > 49.92 </td> <td > 24.48 </td> <td > (51%) </td> </tr> <tr> <td > Theeb </td> <td > 37.60 </td> <td > 19.33 </td> <td > (49%) </td> </tr> <tr> <td > Tasheel </td> <td > 51.64 </td> <td > 26.70 </td> <td > (48%) </td> </tr> <tr> <td > Naseej </td> <td > 22.39 </td> <td > 11.71 </td> <td > (48%) </td> </tr> <tr> <td > Miahona </td> <td > 17.93 </td> <td > 9.73 </td> <td > (46%) </td> </tr> <tr> <td > Al Kathiri </td> <td > 1.83 </td> <td > 1.06 </td> <td > (42%) </td> </tr> <tr> <td > Al Majdiah </td> <td > 10.04 </td> <td > 5.83 </td> <td > (42%) </td> </tr> <tr> <td > Nice One </td> <td > 17.90 </td> <td > 10.44 </td> <td > (42%) </td> </tr> </tbody> </table> *Adjusted for changes in share prices resulting from changes in capital and the number of shares. Large-caps: BSF, Bahri lead gainers Large-cap stocks on Tadawul posted mixed performance during the first nine months of 2026 compared with their year-end 2025 levels, with 11 stocks gaining and nine declining. Sulaiman Al Habib led the decliners, falling 12% to SAR 226.50, followed by SABIC, down 10%, and Acwa, which declined 8%. Bank Albilad fell 4%, Al Rajhi Bank declined 3%, and Mobily slipped 2%. Maaden, stc, and Riyad Bank posted more limited declines ranging from 0.5% to 1%. On the upside, BSF and Bahri led the gainers, each advancing 22%, followed by Alinma Bank with a 20% gain. Saudi Aramco and SABIC AN each rose 6%, while SNB and Arab National Bank (ANB) gained 5% apiece. Large-cap stock performance <table align="center" border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td > Company </td> <td > 2025* (SAR) </td> <td > 9M 2026* (SAR) </td> <td > Change </td> </tr> <tr> <td > Al Rajhi Bank </td> <td > 65.00 </td> <td > 63.30 </td> <td > (3%) </td> </tr> <tr> <td > Saudi Aramco </td> <td > 23.83 </td> <td > 25.22 </td> <td > 6% </td> </tr> <tr> <td > SNB </td> <td > 37.88 </td> <td > 39.82 </td> <td > 5% </td> </tr> <tr> <td > Maaden </td> <td > 60.95 </td> <td > 60.65 </td> <td > (0.5%) </td> </tr> <tr> <td > stc </td> <td > 42.98 </td> <td > 42.74 </td> <td > (1%) </td> </tr> <tr> <td > Acwa </td> <td > 181.80 </td> <td > 167.40 </td> <td > (8%) </td> </tr> <tr> <td > Alinma Bank </td> <td > 20.32 </td> <td > 24.32 </td> <td > 20% </td> </tr> <tr> <td > Riyad Bank </td> <td > 20.36 </td> <td > 20.15 </td> <td > (1%) </td> </tr> <tr> <td > SABIC </td> <td > 51.30 </td> <td > 46.06 </td> <td > (10%) </td> </tr> <tr> <td > SAB </td> <td > 32.38 </td> <td > 33.32 </td> <td > 3% </td> </tr> </tbody> </table> <div class="ckeCaption" >*Adjusted for changes in share prices resulting from changes in capital.</div> Performance of companies listed during the period Two companies were listed on Tadawul during the first nine months of 2026: <a href="https://www.argaam.com/en/tadawul/tasi/saleh-alrashed" target="_blank">Saleh Abdulaziz Al Rashed Sons Co.</a> and Dar Al-Balad for Business Solutions (<a href="https://www.argaam.com/en/tadawul/tasi/dbs" target="_blank">DBS</a>). Saleh Al Rashed fell 23% to SAR 40.36, compared with a first tradable price of SAR 50.58. DBS declined 3% to SAR 11.30, versus a first tradable price of SAR 11.66. The performance of newly listed companies is measured against the first tradable price, which is calculated as the average of the highest and lowest prices recorded during the first trading session in which investors could buy or sell any quantity of shares. Performance of companies listed during 9M 2026 <table align="center" border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td > Company </td> <td > Listing price (SAR) </td> <td > First tradable price (SAR)* </td> <td > 9M 2026 closing price (SAR) </td> <td > Change** </td> </tr> <tr> <td > Saleh Al Rashed </td> <td > 45.00 </td> <td > 50.58 </td> <td > 39.00 </td> <td > (23%) </td> </tr> <tr> <td > DBS </td> <td > 9.75 </td> <td > 11.66 </td> <td > 10.52 </td> <td > (10%) </td> </tr> </tbody> </table> <div class="ckeCaption" >*Average of the highest and lowest prices recorded during the first trading session in which investors could buy or sell any quantity.</div> **Change from the first tradable price. 16 REITs decline in 9M 2026; Jadwa REIT Saudi posts biggest drop Unit prices of 16 listed REITs declined during the first nine months of 2026. Jadwa REIT Saudi led the decliners, falling 22%, followed by Musharaka REIT (-21%). Three REIT funds posted gains, led by Al Azizia REIT, which rose 3%, followed by Bonyan REIT, up 2%, and Derayah REIT, which gained 0.4%. Listed REIT performance in 9M 2026 <table border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td > Fund </td> <td > 2025 (SAR) </td> <td > 9M 2026 (SAR) </td> <td > Change </td> </tr> <tr> <td > Jadwa REIT Saudi </td> <td > 11.17 </td> <td > 8.70 </td> <td > (22%) </td> </tr> <tr> <td > Musharaka REIT </td> <td > 4.08 </td> <td > 3.24 </td> <td > (21%) </td> </tr> <tr> <td > Alinma Hospitality REIT </td> <td > 8.30 </td> <td > 7.24 </td> <td > (13%) </td> </tr> <tr> <td > Al Maather REIT </td> <td > 8.81 </td> <td > 7.75 </td> <td > (12%) </td> </tr> <tr> <td > Riyad REIT </td> <td > 4.96 </td> <td > 4.44 </td> <td > (10%) </td> </tr> <tr> <td > Mulkia REIT </td> <td > 3.47 </td> <td > 3.18 </td> <td > (8%) </td> </tr> <tr> <td > AlJazira REIT </td> <td > 11.51 </td> <td > 10.58 </td> <td > (8%) </td> </tr> <tr> <td > Jadwa REIT Al Haramain </td> <td > 4.95 </td> <td > 4.69 </td> <td > (5%) </td> </tr> <tr> <td > Alistithmar REIT </td> <td > 7.01 </td> <td > 6.65 </td> <td > (5%) </td> </tr> <tr> <td > Mulkia REIT </td> <td > 4.62 </td> <td > 4.42 </td> <td > (4%) </td> </tr> <tr> <td > AlAhli REIT 1 </td> <td > 6.30 </td> <td > 6.04 </td> <td > (4%) </td> </tr> <tr> <td > Al Rajhi REIT </td> <td > 7.88 </td> <td > 7.73 </td> <td > (2%) </td> </tr> <tr> <td > Alinma Retail REIT </td> <td > 4.58 </td> <td > 4.53 </td> <td > (1%) </td> </tr> <tr> <td > Taleem REIT </td> <td > 10.16 </td> <td > 10.07 </td> <td > (1%) </td> </tr> <tr> <td > Alkhabeer REIT </td> <td > 5.53 </td> <td > 5.52 </td> <td > (0.2%) </td> </tr> <tr> <td > SEDCO Capital REIT </td> <td > 6.70 </td> <td > 6.69 </td> <td > (0.2%) </td> </tr> <tr> <td > Derayah REIT </td> <td > 5.23 </td> <td > 5.25 </td> <td > 0.4% </td> </tr> <tr> <td > Bonyan REIT </td> <td > 9.28 </td> <td > 9.44 </td> <td > 2% </td> </tr> <tr> <td > Al Azizia REIT </td> <td > 4.04 </td> <td > 4.17 </td> <td > 3% </td> </tr> </tbody> </table> Closed-end investment funds decline in 9M 2026 All three closed-end investment funds declined during the first nine months of 2026. Al Khabeer Diversified Income Fund led the decliners, falling 13% to SAR 4.61, followed by Al Khabeer Diversified Income Fund 2030, down 8% to SAR 7.13, and SEDCO Capital Multi Asset, which fell 4% to SAR 6.80. Closed-end investment fund performance in 9M 2026 <table align="center" border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr> <td > Fund </td> <td > 2025 (SAR) </td> <td > 9M 2026 (SAR) </td> <td > Change </td> </tr> <tr> <td > Al Khabeer Diversified Income Fund </td> <td > 5.32 </td> <td > 4.61 </td> <td > (13%) </td> </tr> <tr> <td > Al Khabeer Diversified Income Fund 2030 </td> <td > 7.73 </td> <td > 7.13 </td> <td > (8%) </td> </tr> <tr> <td > SEDCO Capital Multi Asset </td> <td > 7.06 </td> <td > 6.80 </td> <td > (4%) </td> </tr> </tbody> </table>

Publication: Argaam - Main News · Trade Publication
Published: 1st October 2026
Original report: argaam.com

ProcIntel stores what the source published in its feed — a headline, a summary and a link. It does not store or reproduce the full article.

What ProcIntel recorded

ProcIntel-derived

Category: Geopolitical Risk
Geography: Saudi Arabia
Organisations: None identified
Collected: 1st October 2026 · 20:35

Initial assessment ProcIntel's automatic, provisional read of this individual Signal -- Initial Significance and Initial Confidence, computed deterministically before any Event extraction or human review.

A provisional, automatically computed reading of this individual Signal, before Event extraction or human review. Not a final rating.

Significance 3 · Material

Confidence 2 · Low

Initial Significance Material (49.0/100). Strongest contributor: Procurement Impact (18.0/30 points). Limiting factor: Likely Event Severity (3.0/30 points). Initial Confidence Low (27.5/100, data sufficiency: Partial). Strongest contributor: Source Authority (20.0/40 points). Limiting factor: Corroboration (2.5/25 points).

Strongest contributor: Procurement Impact
Limiting factor: Likely Event Severity

What the source reported

What ProcIntel recorded

Initial assessment ⓘMore about Initial Signal AssessmentProcIntel's automatic, provisional read of this individual Signal -- Initial Significance and Initial Confidence, computed deterministically before any Event extraction or human review.

Initial assessment ProcIntel's automatic, provisional read of this individual Signal -- Initial Significance and Initial Confidence, computed deterministically before any Event extraction or human review.