TASI climbed 7.5% to 11.5k points in September, breaching the 11k mark for the first time since May, according to market data. The benchmark’s total market cap hit SAR 9.3 tn by the end of of the month, with SAR 127.4 bn in value traded across 5.8 bn securities and 113 mn transactions. TASI’s YTD loss narrowed to 4.4%, and market cap rose to SAR 9.31 tn.

IN CONTEXT- The rally followed news that broke in late September that the Capital Market Authority (CMA) is planning to scrapthe 49% foreign ownership limit on listed companies, triggering heavy overseas buying and sending TASI into its sharpest one-day rally since 2020 on the following day.

Gainers and laggards: Bahri’s led the monthly gainers with its stock rising 24.6%, followed by Maaden (24.4%) and Chubb (24.4%). Meanwhile, Sports Club’s stock weakened the most, dipping 12.6%, followed by Alakaria (12.6%), and Build Station (11.8%).

Most active by value: Al Rajhi was up 14% m-o-m in terms of value traded to SAR 12 bn, followed by MBC Group at SAR 8 bn, and Aramco at SAR 7.6 bn.

Foreign investors are bullish: Qualified foreign investors were net buyers on the Main Market with purchases totaling SAR 8.04 bn in September, according to Tadawuldata (pdf). The level is the highest since 2019, per Argaam ’s tally. Government-backed entities followed with net purchases of around SAR 7.3 bn, while Saudi individual investors were the largest net sellers at SAR 7.2 bn.

ICYMI- Saudi is ramping up its push to attract foreign capital with a number of market reforms, introducing draft regs that grant all foreigners direct access to Saudi stocks.

On a quarterly basis: TASI rose 3.0% q-o-q in 3Q 2025, reaching a high of 11.7k points during the period, according to a separate report. Trading activity was robust, with 326 bn shares traded across 32.2 mn transactions, and total traded value hitting SAR 326 bn. A total of 261 companies were active on the exchange during the quarter.

Sport Clubs led gainers, jumping 34.8%, followed by EIC (+30.1%), and SHL (+24.7%). Meanwhile, Walaa Ins was the biggest decliner, falling 30.4%, followed by UCA (-26.3%), and Nice One (-25.1%). By trading activity, TECO was the most active by volume with 5.38 bn shares, while Al Rajhi Bank dominated by value at SAR 21.3 bn, ahead of Saudi Aramco (SAR 19.1 bn), and Cenomi Retail (SAR 15.4 bn).

Propping up the region: GCC equities logged their strongest collective monthly performance in nearly two years last month, mainly lifted by Tadawul’s surge, according to Kamco Invest’s GCC Markets Monthly Report (pdf). UAE equities slipped in September, diverging from strong regional gains, with the FTSE ADX Index down 0.8% and the DFM General Index dropping 3.7%.

  • Kuwait climbed 3.5% on strength in healthcare and real estate;
  • Oman rose 3.0% to an eight-year high as S&P reaffirmed its BBB- rating with a stable outlook, marking its third consecutive monthly gain;
  • Bahrain added 1.0% with trading value up 71.5%;
  • Qatar slipped 1.5%, pressured by banks and transport.
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