The TASI closed at 10,776.32 on Thursday with broad-based buying as 183 stocks advanced against 72 declining across the exchange. Despite the healthy breadth, the index continues to operate in a bear regime, with 20-day momentum at −11.16 and an average RSI of 33.76, suggesting the broader tape remains near oversold territory. Nineteen of 22 sectors finished in positive territory while three declined. Market volatility on a 20-day basis stands at 0.35, reflecting persistent uncertainty beneath the surface.
Banks gained 1.35% with sector breadth of 8 advancing versus 2 declining, supported by renewed interest across heavyweight lenders. Materials edged up 0.40% with heavily lopsided internal breadth — 37 advancing to 6 declining — though its 30-day Brent correlation sits at −0.13. Energy was the session's key laggard, sliding 0.76% despite Brent crude surging 2.35% to $83.33 per barrel, as Saudi Aramco weighed on the sector. Media & Entertainment advanced 4.89%, Utilities climbed 2.88%, and Food & Beverages rose 2.67%, reflecting rotational strength across both defensive and cyclical pockets.
Saudi Chemical Co. (2230) surged 9.10% to SAR 7.79 on volume of 10.1 million shares at 1.69x average volume, making it the session's standout gainer among major movers. Institutional selling and volume-price divergence were both flagged alongside selling pressure, suggesting the rally may have drawn distribution from larger participants. The stock trades at a trailing P/E of 21.06 with a 252-day beta of 1.49. Jabal Omar Development Co. (4250) jumped 5.98% to SAR 14.88 on 12.4 million shares at 3.38x average volume. Despite the sharp price gain, institutional selling and volume-price divergence were active with selling pressure flagged, creating a notable divergence between price action and underlying flow. Jabal Omar trades at a trailing P/E of 12.11 and its most recent quarterly earnings result was a beat.
Americana Restaurants (6015) led the exchange in turnover with 60.9 million shares at 1.23x average volume, rising 2.55% to SAR 2.01. Volume-price divergence was active with a large order ratio of 19.12x, while the liquidity indicator read neutral and net order flow was negative at −31,149 shares, suggesting institutional repositioning beneath the surface. The stock trades at a trailing P/E of 20.10 with a 252-day beta of 1.09; its most recent quarterly result was a beat.
Electrical Industries Co. (1303) advanced 2.54% to SAR 15.37 on volume of 8.9 million shares at 1.96x average volume. The smart money flow signal was active alongside buying pressure and institutional activity, though the liquidity indicator showed a sell-side reading and net order flow was negative at −26,510 shares — a mixed signal profile. The stock trades at a trailing P/E of 30.62 with a 252-day beta of 1.21. One analyst estimates 2026 EPS at SAR 0.63. Alinma Bank (1150) rose 2.34% to SAR 28.00 on 11.1 million shares at 1.77x average volume, with the liquidity indicator showing a strongly positive directional reading and an order imbalance of 8.50x. Net order flow registered +93,886 shares with a large order ratio of 2.68x. The bank trades at a trailing P/E of 11.88; its most recent quarterly earnings result was a miss.
The Saudi National Bank (1180) added 1.44% to SAR 40.74 on 9.4 million shares at 1.66x average volume. Stealth accumulation and the accumulation signal were both active alongside buying pressure and an order imbalance of 4.46x. SNB trades at a trailing P/E of 10.11 with a 252-day beta of 1.12; its most recent quarterly result was a miss despite a long-term beat rate of 95%. Al Rajhi Bank (1120) gained 1.33% to SAR 99.25 on 5.5 million shares at 1.41x average volume. Seller exhaustion and buying pressure were active with market maker activity flagged, though the liquidity indicator read neutral and net order flow was a modest +707 shares. Al Rajhi trades at a trailing P/E of 16.90 with an RSI of 27.27, deep in oversold territory; its most recent quarterly result was a beat.
Saudi Arabian Oil Co. (2222) slipped 2.32% to SAR 26.10 on elevated volume of 23.9 million shares at 1.90x average. Institutional selling was flagged alongside volume-price divergence and selling pressure, even as the liquidity indicator showed a buy-side reading — a conflicting signal profile. Aramco trades at a trailing P/E of 17.09, is covered by 16 analysts, and its most recent quarterly result was a beat.
According to the Sigmix Microstructure Engine: Alinma Bank (1150) recorded net order flow of +93,886 shares with an order flow ratio of 0.789 and order imbalance at 8.50x, consistent with concentrated buying interest under a strongly positive liquidity reading. Meanwhile, Saudi Aramco (2222) registered net flow of +13,373 shares yet exhibited institutional selling with an order flow ratio of just 0.229 and active volume-price divergence at 1.90x average volume, indicating conflicting directional signals within the energy heavyweight.
Brent crude advanced 2.35% to $83.33 per barrel while gold rose 0.46% to $5,166.40. The US equity regime reads neutral for six consecutive sessions. The SPY-TASI channel remains normal at a 30-day correlation of 0.15 with a delta of +0.08 over seven days, while the XLE-Aramco transmission channel stands broken at −0.28, reinforcing a decoupling of Saudi energy equities from their global peers.
Q4 GDP growth (YoY Final) is scheduled for release on March 9, with market consensus at 4.9% against a prior reading of 4.8%. January industrial production data is scheduled for release on March 10, with a previous reading of 8.9%.
What is not confirmed: whether the broad session breadth of 183 advancing versus 72 declining signals a durable reversal of the prevailing bear regime or a temporary relief bounce; whether the broken XLE-Aramco correlation channel will re-establish amid rising Brent crude prices; and whether stealth accumulation observed in Saudi National Bank reflects sustained institutional positioning or short-term portfolio rebalancing.
This report is produced by the Sigmix Intelligence Desk for informational purposes only. It does not constitute investment advice, a recommendation, or an offer to buy or sell any security. All data is derived from automated systems and may contain errors. Past performance is not indicative of future results. Readers should conduct their own due diligence and consult a licensed financial advisor before making investment decisions.