Global Markets
Saudi stocks slide about 2.5% in Sunday trade after weekend Houthi missile claims, extending October's sell-off
The Tadawul index fell to about 9,457 in the kingdom's first session since Thursday, as investors priced Houthi attack claims and Saudi missile interceptions over the weekend.
HedgeWeekly News Desk ·
Saudi Arabia's main share index fell about 2.5% on Sunday, the first trading day since Thursday's close, as a weekend of Houthi attack claims and Saudi missile interceptions weighed on the kingdom's shares. Trading Economics data showed the Tadawul All Share Index at 9,457.30 on October 25, down 238.56 points from 9,695.86; Finimize put the day's decline at 2.65%. The selling began early: Reuters reported the index down 1.1% in the opening exchanges, with Saudi Aramco off 1.2%, while Qatar's benchmark slipped 0.3% and Qatar National Bank lost 1.1%.
Over the weekend Saudi Arabia said it had intercepted two Houthi ballistic missiles fired towards Mecca and Medina, with civil defence reporting debris in the Mecca and Medina regions and in Jeddah, Taif and Rabigh. Houthi military spokesperson Yahya Saree denied targeting the holy cities and instead claimed strikes on an Aramco site in Yanbu, the Rabigh refinery, East-West Pipeline pumping stations and several airports, including Riyadh's King Khalid International. Saudi authorities have not confirmed damage at any of those sites.
Company results produced a few exceptions. Dr. Sulaiman Al Habib Medical Services Group rose 1.48% after reporting higher third-quarter profit and revenue, according to Finimize, while Astra Industrial Group dropped 8.09% after weaker results.
Why it matters: the index has now fallen well below 10,191, the level Trading Economics flagged on October 14 as its lowest since March 2023, and is down 11.46% over a month and 18.43% over a year on that provider's data. For context, Reuters reported a close of 10,750 on September 21 and 9,952 on October 20. Because Riyadh trades on Sundays, it is the first major market to react to weekend escalation, ahead of global oil futures, which go into the week after Brent settled at $116.72 on Friday. Next on the calendar are Egypt's parliamentary vote, delayed to October 26, on letting its armed forces back Saudi Arabia if asked, and the Federal Reserve's decision on October 27-28.
Sources
- Business Recorder (Reuters): Gulf bourses slip as Houthi-Saudi clashes rattle investors
- Trading Economics: Saudi Arabia stock market (TASI)
- Finimize: Saudi stocks slip as regional tensions weigh on Tadawul
- The Week: Saudi Arabia intercepts Houthi missiles targeting Mecca and Medina
- Zawya (Reuters): Gulf bourses in red after Houthi claims, October 20
- Zawya (Reuters): Saudi, Gulf stocks fall after Houthis claim Riyadh attacks, September 21
- The Edge Briefing, October 25 (oil settlement and week-ahead calendar)