Saudi Stocks’ Worst Year in a Decade Leaves Traders Grim on 2026

In a year that saw emerging-market equities roar back to life, Saudi Arabia stocks were left far behind. Investors say don’t count on next year to be much different.

They see little reason to buy Saudi stocks, with oil prices in the doldrums and likely to keep falling next year with commodities trader Trafigura predicting a “super glut.” Citigroup Inc. analysts recommend investors underweight Saudi stocks and say the shares have “screened poorly” on earnings growth and momentum.