Tadawul extends its slump in July: TASI slipped 2.2% last month to close at 10.9k points, after swinging between a high of 11.4k and a low of 10.8k, according to market data. Total market cap of the benchmark index reached SAR 9 tn by the end of July, with SAR 107.6 bn in value traded across 8.6 bn securities and 11 mn trades.

The lackluster performance contrasts sharply with regional peers: Egypt’s EGX30 and Abu Dhabi’s ADX each gained 4.1%, while Dubai’s DFM surged 7.9%. Global equities also fared better, with the S&P 500 up 2.2%, FTSE 100 climbing 4.2%, and Euro Stoxx 50 edging 0.3% higher in July.

What the pundits see: Tadawul extended its slide last week, losing 0.23% to notch a third consecutive weekly decline and hover near a two‑month low, Sarah Alyasiri, financial market strategist at CFI Financial Group, told EnterpriseAM Saudi. Early gains fueled by steady oil prices and solid earnings faded as weaker global trade and renewed US tariffs weighed on sentiment, prompting investors to turn more cautious on the outlook for profits and economic momentum, Alyasiri said.

The 10.4k level remains a key support point, historically a zone where rebounds have occurred. If the index breaks below this level, it may signal that investors are starting to price in deeper global risks, she added.

What’s pushing the index down? Tadawul struggled this year as falling oil prices, surging sovereign debt sales, and a series of underwhelming IPOs have sapped investor appetite, according to analysts cited by the Financial Times. Tight domestic liquidity left the banks heavily exposed to government borrowing, igniting fears that the kingdom could scale back its ambitious diversification spending if crude stays weak.

New listings have also failed to replicate the blockbuster debuts of 2023-2024, while project awards have tumbled and foreign investors remain wary of the market’s heavy tilt toward oil, banks, and petrochemicals. The combination has dragged trading volumes lower and left Tadawul among the worst-performing exchanges globally in 2025, the salmon-colored paper reported.

Top gainers: Sports Club was top of the list, gaining 50%, followed by SHL at 38.4%, and Cenomi retail at 17%. The most active by value was Aramco at SAR 6 bn, followed by Alrajhi at SAR 5.3 bn and Cenomi Retail at SAR 4.1 bn.

The laggards: Walaa’s share price lost the most value shedding 20.3%, followed by Sasco at 18.2% and Gulf General at 16.3%.

Top sectors: The banking sector accounted for the lion’s share in terms of value traded at 15.6% of total trades, followed by materials at 13.6% and consumer services at 10.3%.

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