Gulf Stocks: Tadawul TASI, DFM, ADX and QSE Daily — 2026-09-26
Gulf equities spent the week choppy: Saudi Arabia's TASI slid to a two-month low near 10,682 points early in the week before a partial recovery on restored pipeline flows and diplomacy hopes, then retreated again on stalled US-Iran talks. Aramco shares hovered around SAR 25.6 as Saudi crude exports hit their highest level since the Iran war began despite the East-West pipeline outage. UAE money-market liquidity topped AED 9.62 billion for the week, while Aramco's potential standalone gas division IPO emerged as the pipeline story to watch.
Gulf Stocks: Tadawul TASI, DFM, ADX and QSE Daily — 2026-09-26
Top developments
TASI posts two-month low before oil recovery lifts Gulf bourses
TASI fell 0.6% to close at 10,682 points in the week, its lowest close in about two months, on turnover of SAR 3.6 billion ($960 million). A later session saw the Tadawul All Share finish marginally lower, down 0.01%. Midweek, most Gulf bourses closed higher, buoyed by restored crude flows from a key Saudi pipeline and growing optimism over a diplomatic resolution to the US-Iran conflict.
Thursday pullback on diplomacy slump and shipping risk
Most Gulf markets closed lower on Thursday as little progress in US-Iran diplomacy and persistent risks to Strait of Hormuz shipping unsettled investors. A day earlier, Saudi's benchmark finished flat with Al Rajhi Bank losing 2.4% ahead of potential US-Iran UN talks. The pattern keeps TASI, DFM and ADX tethered to headlines rather than fundamentals.
Saudi crude exports hit highest level since the war began
Saudi crude exports reached their highest level since the Iran war began despite the pipeline outage and escalating attacks on infrastructure, CNBC reported on September 25. However, the workaround hit its limit: workaround barrels are constrained by Oman ship-to-ship transfer limits while Yanbu still cannot load, per a September 26 scan. AGBI notes Gulf exporters face rising costs to fix and secure energy infrastructure, but production costs remain globally competitive.
Aramco flat near SAR 25.6; gas division IPO mulled
Saudi Aramco ended September 22 little changed at SAR 25.64 with 9.03 million shares traded, a session in which TASI closed at 10,681, down 1 point. After the close on September 23, Aramco last traded at USD 6.84 (SAR equivalent 25.68), with the Saudi market shut for a national holiday. Separately, Aramco is reportedly weighing a standalone gas division with a potential minority IPO — flagged by Quantum Commodity Intelligence, treat as unconfirmed until official.
Local view
Al Bayan reported UAE markets saw selective buying with local equity liquidity topping AED 1.8 billion, split between AED 1.25 billion on ADX and AED 583 million on DFM. Al Bayan's weekend wrap said most leading Arab market indices turned red under selling pressure in leading sectors amid regional-developments-driven caution. Investing.com's Arabic service highlighted an Aramco announcement as a driver of the Saudi session, with one Saudi share climbing strongly.
Context & numbers
Weekly UAE local money-market liquidity exceeded AED 9.62 billion, of which AED 2.977 billion traded on DFM and AED 6.65 billion on ADX. TASI reference closes: 10,681 (Sept 22) and the two-month low of 10,682. Oil fell midweek as rising US crude stockpiles offset Saudi supply worries.
On the radar
- Saudi market was closed for National Day on Sept 23; watch the full-week effect on flows and data releases
- Aramco standalone gas division minority IPO — a rumor-level signal from subscription commodity press; watch for confirmation
- East-West pipeline restart: analysts previously warned oil could rally sharply if Yanbu loading stays offline beyond the inventory cushion — track fresh updates on Yanbu loadings
- US-Iran talks at the UN: any breakthrough would likely be the single biggest catalyst for a Gulf-wide rebound
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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