Saudi Arabia TASI Falls 1.6% After Q3 Results

Banks were among the biggest drags, with Al Rajhi Bank down 2% to 62.30 riyals and Saudi National Bank off 3% to 37.86 riyals. The weakness matters because lenders carry heavy weight in the Saudi market and often set the tone for broader risk appetite.

The sharpest individual declines came after quarterly earnings, with Extra and Taqseel each tumbling 8%. Other names including East Pipes, Saudi Paper, Red Sea, Budget Saudi, KEC, Masar, Al Arabia, Razan, Tupy and Saudi Inaya fell 3% to 6%, showing that the selloff reached across sectors rather than staying confined to financials.

Watani Steel was the standout gainer, rising 10% to 2.42 riyals on volume of about 12 million shares after its move from the Nomu market to the main Tadawul bourse. The stock is now up about 33% since the transfer, suggesting investors are still rewarding newly upgraded listings even as the broader market weakens.

For investors, the key question is whether the move marks a short-term reset after earnings or the start of deeper profit-taking in Saudi equities, particularly if bank results or guidance fail to re-anchor valuations. Traders will now watch for follow-through in the next sessions and for whether large-cap names can stabilize after today’s broad-based drop.