Gulf Stocks: Tadawul TASI, DFM, ADX and QSE Daily — 2026-09-19

Top developments

TASI holds steady despite pipeline outage and sector divergence

The Tadawul All Share Index closed Wednesday at 10,779.96 points, a marginal decline of 0.02%, with trading value reaching approximately $933 million. The index showed resilience despite the ongoing shutdown of the East-West pipeline, which bypasses the Strait of Hormuz; market sentiment was buoyed by news that Saudi Arabia is successfully rerouting crude exports through Oman. Sector performance was mixed, with energy stocks like Aramco providing support while financials such as Al Rajhi Bank faced pressure.

SAMA follows Fed with 25 basis point rate hike

The Saudi Central Bank (SAMA) raised its repurchase agreement (repo) rate by 25 basis points to 4.50% and its reverse repo rate to 4.00%, following the US Federal Reserve’s decision to increase rates to a range of 3.75%–4.00%. This move maintains the currency peg stability but introduces higher borrowing costs for local corporates, potentially impacting sectors sensitive to interest rates such as real estate and consumer finance in the short term.

UAE equities show mixed momentum with Abu Dhabi leading

In the UAE, liquidity across local markets approached AED 2 billion ($544 million), with the Abu Dhabi Securities Exchange (ADX) capturing AED 1.04 billion of that volume. ADX extended its winning streak, rising 1.1% on Thursday driven by gains in IHC, while the Dubai Financial Market (DFM) saw a correction after ending a six-session rally. Emaar Properties drove Dubai's activity earlier in the week, leading the highest daily trading pace in two weeks.

IPO pipeline slowdown forces bankers to look beyond the Gulf

Global investment banks are scaling back their focus on Gulf IPOs as deal volumes have dwindled significantly compared to previous years. This slump in new listings contrasts with the earlier boom, prompting local advisers to seek opportunities outside the region, signaling a cooling period for the primary market despite steady secondary market performance.

Local view

Independent Arabia reports that the TASI’s slight dip was contained by energy sector stability, noting that "energy curbs the index's losses amidst calm selling," highlighting how Aramco's performance offset weakness in banking stocks. Meanwhile, Al Bayan emphasized the robust liquidity in UAE markets, noting that ADX continues to attract significant capital inflows even as DFM consolidates its recent gains. Banker.news highlighted that most Gulf bourses ended the week on a "green note," with UAE and Muscat leading the recovery as investors assessed the Fed's policy path.

Context & numbers

• TASI Close: 10,779.96 points (-0.02%)
• SAMA Repo Rate: 4.50% (+25 bps)
• UAE Liquidity: ~AED 2 billion total; ADX captured ~AED 1.04 billion
• Foreign Ownership: Total foreign holding value in Saudi market stood at $121.915 billion as of end-May 2026
• Oil Exports: Saudi Aramco plans to lift Gulf exports to 60 million barrels in September and October

On the radar

• Pipeline Restart: Analysts are closely monitoring the restart timeline of the East-West pipeline; if offline beyond the estimated five-to-seven-day inventory cushion, oil prices could rally sharply.
• European Supply Halts: Saudi Aramco has informed some European refiners of potential crude supply halts for next month due to Red Sea security concerns, which may impact global benchmark spreads.
• IPO Watch: Investors should monitor CMA approvals for new listings, as the pipeline appears thin; recent data shows a shift in banker focus away from the region.