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Investing.com -- Saudi Arabia’s benchmark index fell more than 2% in early trade on Sunday, weighed heavily by banking and materials stocks, even as energy heavyweight Saudi Aramco gained.
The Tadawul All Share Index was down about 2.2%, with financials leading declines. Major lenders including Al Rajhi Bank fell around 3.4%, while Saudi National Bank dropped more than 4%, reflecting broad-based selling across the sector.
In contrast, Saudi Aramco rose about 3.4%, tracking firmer crude prices amid heightened geopolitical tensions in the Middle East. The stock’s gains helped cushion losses in the broader index, given its heavyweight status.
Materials names such as SABIC and mining major Ma’aden were also lower, adding to downward pressure.
The divergence underscores how rising oil prices are supporting energy stocks, while concerns over regional escalation and broader risk sentiment weigh on financials and cyclical sectors.
Trading remains volatile as investors assess geopolitical developments and their potential impact on oil flows and regional economic activity.