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Saudi Stock Index Loses Nearly 1,000 Points within a Week

The Saudi stock market recorded a sharp decline during the week’s trading. (Asharq Al-Awsat)
The Saudi stock market recorded a sharp decline during the week’s trading. (Asharq Al-Awsat)
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Saudi Stock Index Loses Nearly 1,000 Points within a Week

The Saudi stock market recorded a sharp decline during the week’s trading. (Asharq Al-Awsat)
The Saudi stock market recorded a sharp decline during the week’s trading. (Asharq Al-Awsat)

Saudi Arabia’s Tadawul All Share Index (TASI) dropped 4.1% by 542 points on Thursday, to close at 12,837 points, with the total value of traded shares reaching nearly SR10.2 billion.

In the last four trading sessions, the Saudi benchmark deepened its losses to more than 980 points. This comes as financial markets and global stock exchanges, led by the US, are witnessing a sharp decline following inflation data that raised fears of a continued tightening of monetary policy by the Federal Reserve and global central banks.

The Saudi Parallel Equity Market Index (NOMU) ended the day losing 27.38 points, to close at 22,646.74 points, with a value of SR31 million and an overall tally of more than 429,000 stocks traded in 2,171 deals.

Meanwhile, the Saudi Central Bank (SAMA) issued the annual report on the performance of the insurance market, which assessed the sector’s developments and financial results during 2021, as well as its contribution to the Kingdom’s GDP.

According to the report, the insurance sector grew 8.4 percent in 2021, with a total written premium at SR42 billion ($11.2 billion).

The report further stated that the contribution of insurance sector to non-oil GDP decreased slightly by -0.01 percent to reach 1.91 percent, while the overall loss ratio increased to reach 83.4 percent in 2021 compared to 76.7 percent in 2020.

It added that the losses of the insurance sector amounted to 47 million riyals during the past year, compared to a net profit of 1.38 billion riyals in 2020, noting that the improvement in the income of investment operations helped limit the decline in the sector’s performance.

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IMF Sees 'Some Progress' on Lebanon Reforms, But Says External Support Needed

People enjoy the sunset at Ramlet Al Bayda seaside in Beirut, Lebanon, 27 May 2025. EPA/WAEL HAMZEH
People enjoy the sunset at Ramlet Al Bayda seaside in Beirut, Lebanon, 27 May 2025. EPA/WAEL HAMZEH
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IMF Sees 'Some Progress' on Lebanon Reforms, But Says External Support Needed

People enjoy the sunset at Ramlet Al Bayda seaside in Beirut, Lebanon, 27 May 2025. EPA/WAEL HAMZEH
People enjoy the sunset at Ramlet Al Bayda seaside in Beirut, Lebanon, 27 May 2025. EPA/WAEL HAMZEH

Lebanon has made progress on reforms needed to revive its economy but still has key steps to take and will need external funding on concessional terms, the International Monetary Fund (IMF) said on Thursday after a week of meetings in Beirut.

Lebanon's economy went into a tailspin in late 2019, prompted by decades of profligate spending by the country's ruling elite.

Reforms required to access IMF funding were repeatedly derailed by political and private interests, according to Reuters.

Lebanon's President Joseph Aoun and Prime Minister Nawaf Salam, both of whom took office in early 2025, pledged to prioritize reforms and secure an IMF financing agreement - but the country now faces additional needs with the widespread destruction and displacement caused by Israel's military campaign last year.

“The authorities have made some progress recently, including the amendment of the Bank Secrecy Law and submission of a new bank resolution law to Parliament,” the IMF's Lebanon mission chief Ramirez Rigo said in a written statement.

Rigo added that his mission held “productive discussions” with Lebanese officials, including on restoring the viability of the banking sector, fiscal and debt sustainability and enhancing anti-money laundering and terrorism financing measures.

He said Lebanon's medium-term fiscal framework should support the restructuring of Eurobond debts, which Lebanon defaulted on in 2020, leading to a sovereign default on its $31 billion of outstanding international bonds.

“Given Lebanon's substantial reconstruction needs, limited fiscal space and lack of capacity to borrow, the country will require significant support from external partners on highly concessional terms,” the IMF statement said.

The World Bank estimated Lebanon's recovery and reconstruction needs following Israel's military campaign at $11 billion. But the US has said it opposes any reconstruction funds to Lebanon until Hezbollah - the Iran-backed Lebanese armed group that fought Israel last year - is disarmed.