Overview:
The Saudi stock exchange gained 29.41 points to close at 10,887.55, supported by trading valued at 5.1 billion riyals. Corporate earnings announcements for the second quarter of 2026 continue, with the Financial Market Authority deadline set for August 11. Global oil prices stabilized after sharp declines, while gold prices recovered modestly on U.S. employment data expectations and currency movements.
Details:
The main index climbed during today's session as market participants assessed quarterly results from major corporations. Amlak Global for Finance reported a 25 percent increase in net profit to 25.5 million riyals in the second quarter, compared to 20.4 million riyals in the prior-year period. Companies have six remaining days to submit their financial disclosures to regulators before the August 11 deadline, signaling the final stretch of earnings season.
Oil prices steadied after falling sharply across two consecutive trading sessions, with investors awaiting developments in Middle East conflict resolution efforts. Crude held near 79.62 dollars per barrel. Gold recovered on declining dollar strength and anticipation of U.S. Federal Reserve signals, with spot prices rising to approximately 4,115 dollars per ounce.
International economic indicators showed mixed signals. South Korea's foreign exchange reserves rose for the second consecutive month in July. The Philippines continued posting declining inflation for the third straight month, though levels remained elevated. Japan's stock market rose more than 3 percent, driven by artificial intelligence-related equities. Meanwhile, global food price concerns emerged as United Nations officials warned of potential new inflationary pressures from climate phenomena and regional supply disruptions.
Outlook:
Investors will monitor the final week of second-quarter corporate earnings announcements to assess overall market profitability and guidance for the remainder of 2026. Oil market stability remains contingent on geopolitical developments in the Middle East, with analysts watching for any breakthrough or escalation in regional tensions affecting shipping lanes and energy supplies.