Gulf Stocks: Tadawul TASI, DFM, ADX and QSE Daily — 2026-09-10
Gulf markets showed mixed performance this week as escalating US-Iran tensions and attacks on Saudi energy infrastructure weighed on sentiment, despite a brief rally driven by Saudi Arabia's announcement to open its capital market to all foreign investors. While the Tadawul All Share Index (TASI) hovered near 11,000, Abu Dhabi’s ADX General Index crossed the symbolic 10,000-point mark, and Dubai’s DFM saw strong daily gains driven by selective buying. Oil prices surged toward $100 per barrel amid the geopolitical flare-ups, creating a volatile backdrop for regional equities.
Gulf Stocks: Tadawul TASI, DFM, ADX and QSE Daily — 2026-09-10
Top developments
US-Iran Tensions and Energy Strikes Drive Volatility
Most Gulf stocks edged up or remained mixed as investors reacted to fresh attacks on shipping and reports of strikes on Saudi energy facilities, including Aramco assets. On Tuesday, September 8, the Saudi benchmark index reversed early losses to finish 0.1% higher, while broader regional indices struggled against caution over the US-Iran standoff. The escalation pushed Brent crude prices to touch $99 a barrel on Tuesday, marking a significant spike from previous weeks and directly impacting the valuation of energy-heavy indices like the TASI.
ADX Crosses 10,000 Points as UAE Markets Gain
The Abu Dhabi Securities Exchange (ADX) General Index achieved a milestone by closing above 10,000 points, rising 0.454% to 10,021.04. This surge was supported by strong liquidity, with Dh1.08 billion traded in a single session, and notable gains in tech-linked stocks like 2PointZero, which rose 5.7%. The total market capitalization of ADX-listed companies reached Dh2.619 trillion, reflecting sustained investor confidence in the UAE's diversified economic pillars despite regional geopolitical risks.
TASI Slips Amid Geopolitical Caution
The Tadawul All Share Index (TASI) slipped 0.19% on Wednesday to close at 11,015.72, with 160 stocks declining against 90 advancers. The parallel market Nomu fell 0.22%, while the MSCI Tadawul 30 Index declined 0.23%. Armah Sports was a top gainer, rising nearly 10%, but the broader market was weighed down by global risk aversion following the attacks on Saudi infrastructure. The index had previously seen a slight uptick earlier in the week but failed to sustain momentum due to the heightened security concerns.
Saudi Construction Activity Edges Up
Despite market volatility, Saudi Arabia’s construction activity edged up in August, reaching its second-highest reading for 2026. This positive economic data provided some fundamental support to the local equities, particularly in the real estate and materials sectors, although it was insufficient to fully offset the negative sentiment generated by the Strait of Hormuz restrictions and maritime strikes.
Local view
Halal Khalij reported that the Dubai Financial Market (DFM) soared at its highest daily pace in a month, with the index gaining 3.5 billion dirhams in market value. The outlet highlighted that local markets recorded a combined liquidity of 2 billion dirhams, with the Abu Dhabi Securities Exchange (ADX) performing best among Arab markets. The report emphasized that selective buying in blue-chip stocks drove the DFM's momentum, decoupling it somewhat from the broader regional caution.
Asharq Al-Awsat noted that Gulf markets are struggling to regain momentum amid the intensifying tensions between Washington and Tehran. The newspaper observed that most Gulf equity markets moved in a limited range on Tuesday, with some gaining slightly as traders awaited clearer signals on the duration of the conflict. The focus remains on whether diplomatic channels can de-escalate the situation to restore investor confidence.
Context & numbers
- TASI Close: 11,015.72 (Wednesday, -0.19%)
- ADX General Index: 10,021.04 (Tuesday, +0.45%)
- Brent Crude: Touched $99/barrel on Tuesday amid supply fears.
- Foreign Ownership: Total foreign holding value in Saudi Arabia stood at USD 123.38 billion as of the end of April 2026, providing a baseline for capital flow analysis.
- Liquidity: UAE local markets recorded combined liquidity exceeding 2 billion dirhams in recent sessions, with ADX contributing significantly.
On the radar
- IPO Pipeline: Saudi Arabia continues to process new listings; watch for updates on confirmed IPOs such as Petrolub for Oils, which received CMA approval in March 2026, as these often drive short-term liquidity shifts.
- Diplomatic Talks: Investors are closely monitoring Pakistan-mediated talks between the US and Iran for any signs of de-escalation, which could lead to a sharp reversal in oil prices and a relief rally in Gulf equities.
- US Labor Data: Traders remain attentive to upcoming US labor-market data, which will influence Federal Reserve policy expectations and, by extension, SAMA's interest rate decisions due to the dollar peg.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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