Saudi Gazette report

RIYADH — Saudi Arabia’s benchmark Tadawul All Share Index (TASI) closed 117 points (1.1 percent) higher at 11,194 points on Monday, the highest close since December 2024. Total turnover reached about SR 10.6 billion on Monday.

The Saudi stock market, the largest bourse in the Arab world, began trading on Monday with a significant drop of more than 400 points, reaching its lowest level of the day at 10,657 points, before recouping these losses to close in green. The market fell more than 800 points on Sunday, losing more than half a trillion riyals in market value.

Saudi Aramco shares rose one percent to SR25.25 on Monday after suffering huge losses in the previous day when its market value fell by more than SR340 billion. National Education shares topped Monday's gains, rising 9 percent while ACWA Power shares rose 7 percent to SR 331 and Al-Tawuniya shares rose 5 percent to SR 131, following the company's announcement of cash dividends to shareholders. CATRION, Sulaiman Al Habib, Mobily, Yamama Cement, Aldrees, Advanced, and Qassim Cement gained between 3 percent and 6 percent

In contrast, SABIC shares fell one percent to SR59.60. BATIC led the declines falling 10 percent.

Other Gulf stock markets also pared the heavy losses they incurred at the start of trading on Monday. The Dubai Financial Market lost 152.46 points at the close, recording a decline of 3.08 percent, while the FTSE Abu Dhabi General Index fell 2.59 percent. The Dubai Financial Market index fell by about 6 percent in morning trading, bringing its losses to nearly 10 percent in three trading sessions and 15percent since February.

The Qatar Stock Exchange index fell 0.35 percent; the Kuwait Premier Market index fell 0.64 percent; and the Bahrain Bourse index fell 1.15 percent. The Muscat Securities Market fell 0.68 percent.

Monday's upward trend in the Saudi market contrasts with global financial markets, which witnessed significant declines on the day. This was in addition to the third consecutive day of declines in oil prices, due to fears of a global trade war and an economic recession following US tariffs and Chinese counter-tariffs.

The Tokyo Stock Exchange closed Monday's session with a near 8 percent decline, while the Seoul Stock Exchange closed with a 5.6 percent decline. The Hong Kong Stock Exchange fell by around noon, 12 percent, its worst session in 16 years, while the Shanghai Stock Exchange recorded a 6.3 percent decline. European stock markets are also heading for sharp declines at the start of trading, following the decline in Asian markets.

A wave of panic grips global stock markets over the economic impact of the trade war initiated by US President Donald Trump, to which China responded by imposing retaliatory tariffs. This escalation is expected to have a devastating impact on the global economy.

Trump imposed a 10 percent tariff on all imports from most countries, including the Gulf countries, in addition to higher tariffs on goods from 57 trading partners. China responded by announcing its intention to impose an additional 34 percent tariff on US goods, confirming investors' fears of a full-blown global trade war and the potential risk of a global recession.