The Saudi Stock Exchange's main index (TASI) rebounded 0.97% (98.42 points) to 10,205 points (10,204.96 at 2:15 PM, according to delayed data) after ending last week with losses for the seventh consecutive week and recording its lowest close in 43 months (10,106.54). This rebound was led by Saudi Aramco, which jumped nearly 1.9% mid-session as oil prices climbed above $109 (Brent crude closed at $109.86 on Friday). 205 companies saw their share prices rise, while 56 declined. Thus, TASI rebounded today after a long series of losses, but it remains near the 10,000 level, which analysts consider a technical and psychological support level.

TASI today in numbers

Index: 10,204.96 (+98.42, +0.97%) from Thursday's close of 10,106.54.

Mid-session: 10,189.94 (+0.83%, +83.4 points), between 10,107.19 and 10,208.52 (range 101.33 points), after opening at 10,122.4.

Broadness: 205 rising stocks versus 56 falling stocks (approximately 79% rising).

Liquidity: 1.33 billion riyals and 98.14 million shares at the middle of the session.

Context: TASI lost its seventh consecutive week, the longest weekly losing streak since 2022, and closed on Thursday at its lowest level since March 2023 with a turnover of 3.6 billion riyals.

The beginning: It rose by about 0.6%-0.7% at the opening of the session (around 10,170) supported by leading stocks.

Aramco leads the rebound

The stock rose by about 1.90% in the middle of the session, to about 25.76 riyals (from Friday's close of 25.28, -0.39%), and was at 25.70 (+1.66%) in the morning, and came second in liquidity with a value of 106.44 million riyals.

Oil: Brent at $109.86 (+3.72%, +3.94) and WTI at $101.41 at Friday's close, Brent's highest close since May, amid US-Iranian escalation and Hormuz attacks.

Sector: The energy sector rose 1.85%, and Petro Rabigh 1.3% in the morning.

Technical context: On October 12, at 25.60 riyals, Aramco was bouncing off the 50-period moving average resistance (25.71) and the cloud in a descending flag pattern, with support at 25.34 and resistance at 26.04 (Investing.com analysis). The current price (around 25.76) is above that average based on the October 12 level, and the next resistance is 26.04 (around 1.1% above). Moving average levels change daily.

Company news: CEO Amin Nasser said at the World Petroleum Congress in Riyadh (October 12) that the company is exploring additional routes for exporting crude and expanding its overseas storage capacity.

Risks: In recent days, the Houthis targeted Riyadh International Airport and Aramco headquarters, and reports indicated that the Tadawul All Share Index (TASI) fell 1.7% in a previous session after the headquarters was targeted, so regional security risks remain.

Sectors and Stocks

Strongest: Household and personal products +2.10%, energy +1.85%, and basic materials +1.52%, supported by SABIC and Ma’aden.

The weakest sectors: Food production -1.11% due to pastures (-1.67%) and Sadafco (-1.61%), pharmaceuticals -0.36% and healthcare -0.16%.

The top gainers: Laden +9.94% to 1.99 riyals (25.2 million shares), Al Ramz +6.57%, and Armah +3.60% after signing a land lease agreement in Riyadh for a new sports club, and Alinma REIT Hotel +3.50% after the fund announced its intention to buy its units.

Cement and Materials: Among the biggest gainers (around 2:13 PM) are Al-Yamamah Cement +2.82%, Yanbu Cement +2.31%, Saudi Cement +2.34%, Arabian Cement +2.30%, Eastern Cement +3.18%, Saudi Kayan +2.86%, SABIC +2.47%, and SABIC Agricultural Nutrients +2.60%, indicating an upward trend in basic materials.

The biggest losers: National Steel -2.86%, Al-Mowasat -2.32% after disclosing a commercial lawsuit against it (claiming approximately 335.4 million riyals), Flynas -1.93%, Almarai and Sadafco.

The most liquid: Al Rajhi 137.06 million riyals (+0.49%), then Aramco 106.44 million, and by volume, Laden 25.2 million shares, then National Iron 12.07 million.

Bottoms: Astra Industrial, Sadr, Al-Khorayef, Gipsco, Sadafco, Dallah Healthcare and Saudi German Healthcare recorded their lowest levels in 52 weeks, and Lazurde, Al-Nayefat, Al-Saif Gallery, Red Sea and Flynas recorded historic lows during the session, which means that the rebound is selective.