Gulf Stocks: Tadawul TASI, DFM, ADX and QSE Daily — 2026-09-16
Saudi Arabia’s TASI index closed nearly flat at 10,779.96 on Wednesday as traders shrugged off the shutdown of the vital East-West oil pipeline, reassured by open trade routes. Meanwhile, UAE markets saw mixed performance with Dubai dipping and Abu Dhabi ending a six-session winning streak, amid heightened geopolitical tensions and a cooling IPO pipeline.
Gulf Stocks: Tadawul TASI, DFM, ADX and QSE Daily — 2026-09-16
Top developments
Saudi TASI Shows Resilience Despite Energy Security Fears
On Wednesday, September 16, Saudi Arabia’s Tadawul All Share Index (TASI) closed at 10,779.96, down just 0.02%, with trading volume reaching approximately $933 million. This stability occurred despite the ongoing shutdown of the East-West oil pipeline following drone attacks, which had previously caused significant volatility earlier in the week. Analysts suggest that the market's resilience is bolstered by the continued operation of other export routes and strong domestic liquidity, even as global oil prices remain elevated near $106 per barrel.
UAE Markets Mixed: Dubai Dips, Abu Dhabi Ends Streak
Dubai’s main index fell 0.8% to 5,927 points on Tuesday, while Abu Dhabi’s ADX ended a six-day winning streak on Wednesday as profit-taking emerged after strong gains. Total liquidity in UAE markets hovered around 2 billion AED, with Abu Dhabi accounting for over half of the turnover. The divergence highlights investor caution regarding regional shipping security, particularly in the Strait of Hormuz, which has seen reduced traffic due to conflict risks.
Gulf IPO Slump Forces Global Bankers to Look Elsewhere
The Gulf region’s initial public offering (IPO) market has slowed significantly, with proceeds falling below $1.1 billion in 2026, prompting major banks like HSBC and EFG Hermes to shift focus to emerging markets such as Egypt, Turkey, and India. Bloomberg reports that even local advisers are struggling to find deals within the region, marking a sharp reversal from the boom just three years ago. This trend signals a potential structural shift in capital formation strategies across the GCC.
Local view
Arabic media outlets have focused heavily on the resilience of Saudi equities against external shocks. Al Arabiya and Al Mal highlighted how the "precautionary closure" of the East-West pipeline initially triggered selling, particularly in Aramco shares, but noted that institutional buying helped stabilize the broader market. Al Khaleej reported on the divergence between Dubai and Abu Dhabi, noting that Abu Dhabi’s strong performance in recent sessions was driven by banking and energy sectors, while Dubai faced pressure from real estate adjustments.
Context & numbers
- TASI Close: 10,779.96 (-0.02%) on Sept 16
- DFM Close: ~5,927 points (-0.8%) on Sept 15; mixed movement on Sept 16
- Oil Prices: Brent crude traded near $105–$106 per barrel, retreating from intraday highs of $109.68 due to Fed rate expectations
- Liquidity: UAE market turnover reached approx. 2 billion AED on Sept 15/16, with ADX capturing ~1.04 billion AED
- IPO Proceeds: Gulf region IPO proceeds dropped below $1.1 billion in 2026
On the radar
- Pipeline Restart: Traders are closely monitoring news on the restart of the East-West pipeline, with analysts warning that prices could rally sharply if the outage extends beyond the estimated 5–7 day inventory cushion.
- Fed Policy Impact: The Saudi Central Bank (SAMA) repo rate stands at 4.75%, closely tracking US Federal Reserve moves; any shift in Fed guidance will directly impact Gulf borrowing costs and equity valuations.
- Upcoming IPOs: While the general pipeline is thin, specific approvals remain under review by the Capital Market Authority (CMA), including pending listings for companies like Btrulub Oils, though timelines remain uncertain.
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