Saudi Stocks Gain on Steadier Gulf Oil Exports

Saudi stocks saw a rise, with the TASI index closing up 1.05%, as shipping data indicated that Persian Gulf oil exports were more stable than initially feared. According to Kpler, a shipping analytics firm, September exports from the Gulf, excluding Iran, averaged 18.6 million barrels per day, which is over 81% of pre-war levels. When including crude, condensate, and refined fuels, the region's average exports reached 19.2 million barrels per day for the month, suggesting that supply routes remain functional despite geopolitical tensions.

ING, a Dutch bank, noted that this resilience is beginning to reflect in pricing. Saudi Arabia reduced the official selling price of its Arab Light crude for November loadings to Asia, a move that suggests producers feel less pressure to ration demand. However, ING cautioned that traders are still watching for potential disruptions tied to the US-Iran standoff, which could continue to support oil prices even as exports flow steadily.

Away from energy, individual stock movements had some impact, but the overall index performance was driven by the steadier oil logistics. The market interpreted the price cut for Arab Light crude and the stable export levels as a sign of reduced supply shock risk. This perception can lower the extra return investors demand for holding Saudi assets, thereby lifting share prices through a discount-rate channel.