The Saudi stock market's main index is heading for its biggest weekly losses since the beginning of the year, pressured by leading stocks, despite oil trading above $70 a barrel, as investors await the results of major companies and the market's reaction to the minutes of the Federal Reserve meeting released yesterday.
The index opened the last trading session of the week down 0.3%, impacted by declines in shares of Al Rajhi Bank, National Commercial Bank, and Ma'aden. In contrast, shares of Saudi Aramco, the largest company by market capitalization, rose by approximately 0.1%, though this did not fully reflect the gains in oil prices.
On a weekly basis, the index is heading for a decline of 1.72%, erasing last week's gains of 0.6%.
Weak momentum and anticipation for the Fed
Mary Salem, a financial analyst in the Middle East, said that yesterday's session helped to reduce the severity of the weekly losses, noting that there were fast trades, but their volumes returned to the levels recorded in 2025.
She added that geopolitical tensions, along with some companies' results falling short of average expectations, put pressure on momentum in the past period.
For his part, Ikrami Abdullah, senior financial analyst at Al-Eqtisadiah newspaper, explained that the market is awaiting a number of key factors with a direct impact, most notably the minutes of the Federal Reserve meeting, in light of renewed talk about the possibility of raising interest rates, in addition to the directions of the new Federal Reserve president, who is known for his tendency towards monetary tightening.
Corporate results: The decisive factor
On the local level, investors are waiting for the results of major companies, given their pivotal role in determining the direction of the index and enhancing clarity of vision.
Despite oil prices returning above $70 a barrel, which is theoretically supportive for the market, Saudi Aramco's stock did not react as expected, reflecting continued caution and investors' anticipation of upcoming data.
