Saudi Arabian Stocks Close Lower Despite Gains by Savola Group

The benchmark index, TASI, fell by 0.57% at the close. Despite the overall market downturn, Savola Group led the session's gains, surging nearly 10% to reach a 5-year high of 36.95 SAR.

Saudi Arabian stocks slipped on Thursday, with declines spread across various sectors, particularly in retail and construction. The benchmark index, TASI, fell 0.57% at the close.

But Savola Group led session gains, surging nearly 10% to reach a five-year high of 36.95 SAR. Other notable performers included Middle East Specialized Cables Co, which rose 5.14% to 41.90 SAR, and Arabian Centres Co, which climbed 3.94% to 21.62 SAR.

However, the session also saw significant losses, with Fitaihi Holding Group dropping 6.68%, Arabian Contracting Services falling 4.17%, and AYYAN Investment Co declining 3.87%.

Overall, declining stocks outpaced advancing ones on the Saudi Stock Exchange by 233 to 84, with 22 stocks ending the day unchanged.

In commodities, crude oil prices fell, with January delivery down 1.20% to $69.73 per barrel and Brent oil for February delivery dropping 0.40% to $73.10 per barrel. Gold also slipped, with the February Gold Futures contract down 1.18% to $2,622.11 per ounce.

Meanwhile, the EUR/SAR pair rose 0.40% to 3.91, while the USD/SAR remained mostly unchanged at 3.76.

Despite today’s market weakness, Savola Group’s strong performance and the broader outlook for Saudi Arabia’s key sectors remain in focus for investors as they look ahead to 2025.