Saudi Stocks Defy Soft Oil Prices on Domestic Demand

Saudi stocks managed to eke out a small gain last week despite oil prices slipping below $91 per barrel, thanks in part to signs of growth in the kingdom's non-oil economy.

The Tadawul All Share Index rose by 0.24% over the course of the week as investors balanced softer crude with stronger domestic demand indicators.

A key driver of this trend was the Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI), which climbed to 53.8 in August from 53.1 in July, marking the fastest expansion in the private sector in six months.

This uptick in business activity suggests momentum heading into the rest of 2026, despite still being below the long-run average of 56.8.