Kingdom Holding Surges 10% on SpaceX Listing Hopes as Saudi Market Gains

Saudi Arabia’s main stock market rose 0.5% in its first session after the Eid al-Adha holiday, closing at 11,078 points, while Kingdom Holding shares surged 10% on renewed optimism around the company’s potential benefit from a possible SpaceX listing, according to Asharq Al-Awsat.

The rally in Kingdom Holding pushed the stock to its highest level in nearly a decade at the start of Sunday’s trading, as investors reacted to speculation that the company could gain from any public offering by Elon Musk’s SpaceX, the newspaper reported.

The broader market’s advance suggested a positive start to trading after the holiday break, with the benchmark TASI index extending gains even as most of the day’s attention centered on Kingdom Holding’s sharp move. The company’s performance stood out as one of the session’s clearest market stories, drawing interest from traders looking for exposure to a potential SpaceX-related windfall.

Kingdom Holding has long been watched by investors for its international holdings and for its ties to global businesses and high-profile technology names. That makes any development involving SpaceX, one of the world’s most closely followed private companies, especially significant for Saudi market participants.

The move in Kingdom Holding also underscores how global technology speculation can quickly spill into regional markets, especially when it involves a prominent listed Saudi investor. For the wider market, the session’s gains offered an encouraging sign after the holiday period, with traders now likely to watch whether the momentum in both the index and Kingdom Holding can continue in the days ahead.