The Tadawul All Share Index (TASI) enters the trading week of February 22–27 with momentum from strong corporate earnings and continued foreign institutional inflows. Saudi Arabia’s benchmark index has been one of the top-performing Gulf markets in early 2026, supported by elevated oil prices and progress on Vision 2030 economic diversification initiatives.
Here’s what to watch on the Saudi stock market this week.
Last Week in Review
TASI closed last week at approximately 12,580 points, gaining 1.2% on the week. Key developments that drove market activity:
| Metric | Value |
|---|---|
| TASI close (Feb 20) | ~12,580 |
| Weekly change | +1.2% |
| Average daily volume | 180M+ shares |
| Foreign net buying | Positive for third consecutive week |
| Top sector | Materials (+2.8%) |
| Weakest sector | Utilities (-0.4%) |
Key drivers last week:
– Saudi Aramco maintained strong trading around SAR 34, supported by stable oil prices above $78 Brent
– Al Rajhi Bank reported Q4 results that beat analyst expectations, lifting the banking sector
– PIF-linked companies saw renewed buying interest after investment announcements
– The Saudi Riyal remained firmly pegged at 3.75 to the US Dollar
Key Events This Week
Earnings Season Continues
Several major Tadawul-listed companies are reporting Q4 2025 and full-year results this week. Earnings remain the primary catalyst for individual stock moves during this period.
Companies to watch:
– SABIC — petrochemical earnings sensitive to global demand and oil-product margins
– STC (Saudi Telecom) — digital transformation and cloud services growth
– Ma’aden — mining sector bellwether as Saudi diversifies beyond oil
– SNB (Saudi National Bank) — credit growth and asset quality metrics
Oil Price Dynamics
Brent crude holding above $78 provides a constructive backdrop for Saudi equities. Any moves toward $80+ would be especially bullish for Aramco and energy-adjacent sectors. Read our Oil Price Forecast for detailed supply-demand analysis.
OPEC+ Signals
Market participants will monitor any informal OPEC+ commentary ahead of the next formal meeting. Saudi Arabia’s production stance directly affects government revenue projections and, by extension, domestic spending and market sentiment.
Technical Analysis
TASI Support and Resistance Levels
| Level | Type | Significance |
|---|---|---|
| 12,800 | Resistance | Key psychological level; breakout target |
| 12,650 | Resistance | Recent intraday high |
| 12,580 | Current | Last close |
| 12,400 | Support | 20-day moving average zone |
| 12,200 | Support | Strong; held multiple tests in February |
| 12,000 | Support | Major psychological floor |
Technical outlook: TASI is trading above both its 20-day and 50-day moving averages, indicating a short-term uptrend. The relative strength index (RSI) sits around 58, which is constructive without being overbought. A weekly close above 12,650 would signal strength toward the 12,800 level.
Risk scenario: A drop below 12,400 would break the current trend structure and could test the 12,200 support zone.
Sectors to Watch
Banking (Al Rajhi, SNB, Riyad Bank)
Banking remains the heaviest-weighted sector on TASI. Strong loan growth driven by mortgage expansion and Vision 2030 project financing continues to support the sector. Net interest margins are stable with Saudi rates aligned to the Fed’s stance.
Materials (SABIC, Ma’aden, Yanbu)
Petrochemical margins face headwinds from softer Chinese demand, but mining companies (Ma’aden in particular) benefit from Saudi Arabia’s push to become a global mining hub. The $2.6 billion Waad al-Shamal phosphate complex is ramping production.
Real Estate (Dar Al Arkan, Jabal Omar)
Real estate stocks are buoyed by the construction boom across Saudi cities, particularly Riyadh. The Regional Headquarters Program, which requires multinational companies to base regional HQs in Saudi Arabia, continues to drive commercial real estate demand.
Technology (Elm, Solutions by STC)
Smaller by market cap but growing rapidly. Digital transformation spending by Saudi government entities creates consistent revenue streams for listed tech companies.
Foreign Investment Flows
Foreign institutional investors (FIIs) have been net buyers of Saudi equities for three consecutive weeks. This trend is driven by:
- Index weight increases — MSCI and FTSE Russell have been gradually increasing Saudi weight in emerging market indices
- Currency stability — the SAR-USD peg eliminates forex risk for dollar-based investors
- Valuation gap — Saudi equities trade at a discount to some Gulf peers on a price-to-earnings basis
- Diversification play — global funds seeking non-correlated emerging market exposure
Sustained foreign buying provides a structural bid under the market, limiting downside risk.
Week Ahead Forecast
| Scenario | Probability | TASI Range |
|---|---|---|
| Bullish — strong earnings + oil above $80 | 35% | 12,650 – 12,800 |
| Base case — mixed earnings, oil stable | 50% | 12,450 – 12,650 |
| Bearish — earnings miss + oil drops below $76 | 15% | 12,200 – 12,450 |
Our view: The base case points to a consolidation week with a mild upward bias. Earnings will be the primary driver of individual stock moves. The broader market is well-supported by oil prices and foreign flows, making a meaningful pullback unlikely absent a macro shock.
FAQ
What time does the Saudi stock market open?
The Tadawul (Saudi Exchange) trades Sunday through Thursday. The main session runs from 10:00 AM to 3:00 PM Saudi time (AST/UTC+3). Pre-open auction begins at 9:30 AM.
Can foreigners invest in the Saudi stock market?
Yes. Qualified Foreign Investors (QFIs) can invest directly. International investors can also access Saudi stocks through ETFs listed on major exchanges or via swap agreements with local brokers.
What is the TASI index?
TASI (Tadawul All Share Index) is the main benchmark index of the Saudi Exchange (Tadawul). It tracks all listed companies on the main market, weighted by free-float market capitalization. It’s the largest stock market index in the Middle East.
How does oil price affect TASI?
Oil prices directly impact Saudi Aramco (the largest listed company by market cap) and indirectly affect the entire market through government revenue expectations, domestic spending, and economic sentiment. A sustained move in oil prices typically correlates with TASI direction.
Key Takeaways
- TASI enters the week at ~12,580, up 1.2% from last week with positive momentum
- Earnings season is the key driver — watch SABIC, STC, Ma’aden, and SNB results
- Oil above $78 provides a supportive backdrop; $80+ would be bullish
- Foreign institutional buying continues for a third straight week
- Technical levels: resistance at 12,650–12,800, support at 12,400 and 12,200
For how oil markets shape Saudi stocks, read our Oil Price Forecast. For the full economic picture, see our Saudi Arabia Economy Guide.
