Saudi stocks plunge by $133bn in biggest fall since 2020
The benchmark Tadawul All Share Index (TASI) tumbled 6.1 per cent — more than 700 points — to below 11,200 on Sunday
Saudi Arabia’s stock market suffered its steepest single-day decline in five years on Sunday, wiping out over $133bn in value amid rising geopolitical tensions and falling oil prices.
The benchmark Tadawul All Share Index (TASI) tumbled over 6 per cent — more than 700 points — to below 11,200. It marked the largest daily fall since May 2020, triggered by a sell-off following a fresh trade war sparked by new US tariffs.
Read more: Full list: Trump’s tariffs on every country, including the UAE, Saudi
US President Donald Trump announced a 10 per cent blanket tariff on Gulf imports effective April 5, describing it as a move to correct “unfair trade practices.” China, Europe, and other major economies responded with retaliatory duties. The global tit-for-tat sent oil prices tumbling to four-year lows, dragging markets across the Gulf and beyond.
Saudi Aramco bore the brunt of the rout, shedding $90bn in market capitalisation as its shares dropped 6.2 per cent. Other heavyweight stocks including Al Rajhi Bank, ACWA Power, and Saudi National Bank also declined between 5–6 per cent. Trading volumes hit SR2.2bn within the first 30 minutes of trading, focused largely on Aramco, Al Rajhi, and STC shares.
Across the Kingdom, 34 companies listed on TASI and the parallel Nomu index hit all-time lows. These included names like Herfy Foods, Takween, Entaj, and First Mills. The Nomu index itself slumped 5 per cent, snapping a five-day winning streak, with 13 companies hitting record lows.
The shock extended across the region. The Kuwait Stock Exchange plunged 6.6 per cent, while Qatar’s index fell 5.5 per cent, with both experiencing their worst sessions since the early pandemic era. Muscat dropped 2.1 per cent and Bahrain declined by around 2.5 per cent. UAE markets were closed for the weekend and are expected to react when trading resumes this morning.
Further afield, Egypt’s EGX 30 slid 3.6 per cent, triggering automatic halts on 11 stocks. Jordan’s market fell 2 per cent.
Globally, the S&P 500 lost nearly $2tn in market value on Friday, sliding around 5 per cent in its worst day since the COVID-19 panic.
Trump’s move to raise US tariffs to historic highs has ignited fears of wider disruption to global trade and supply chains, with analysts warning that the economic fallout could be deep and protracted.
