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TASI ends 2023 with 14% gain, closes at highest level since 2005
Tadawul trading screen
Saudi Arabia’s Tadawul All Share Index (TASI) rose 14%, or 1,489 points, in 2023 to close the year at 11,967 points compared to 10,478 points by the end of 2022, data compiled by Argaam showed.
Accordingly, the benchmark index marked the highest annual closing since 2005, when it had settled at 16,715 points.
The index gained 1.1% (112 points) in Q1 2023 and continued to grow by 8.2% (869 points) in Q2 2023. It then edged down 3.5% (403 points) in Q3 2023 but rose 8.2% (911 points) in Q4 2023.
Key events that affected TASI in 2023
- Silicon Valley Bank and Credit Suisse crisis in the first quarter led to uncertainty in global economy as the banking system came under pressure.
- Reverse repo rate rose from 450 basis points (bps) to 550 bps and repo rate from 500 bps to 600 bps. The increase was implement through four hikes.
- The US Federal Reserve kept interest rates unchanged in three meetings and indicated three cuts in 2024.
- The implementation of the new Companies Law, which allows stock-split. As many as 42 companies decided split their shares.
- The year 2023 witnessed the completion of two mergers in the Saudi market, including Taiba Investments with Dur Hospitality, and Alinma Tokio Marine with Arabian Shield Cooperative Insurance.
-The Capital Market Authority (CMA) approved the Rules for Foreign Investment in Securities, the amended Investment Accounts Instructions, and the amendments to the Implementing Regulations of the New Companies Law for Listed Joint Stock Companies.
- The Saudi Exchange (Tadawul) announced the completion of six new enhancements, including normal trade removal for the main market, change in closing price calculation to mid-point for debt instruments and ETFs, cancelation of on disconnect orders, request for quotes (RFQ) service for negotiated deals, and drop copy. They also include other microstructural enhancements aimed at developing the debt market.
- In 2023, Tadawul launched its latest derivatives product, which is single stock options contract.
- Oil prices in 2023 ranged between $70 and $97 per barrel.
- Saudi Arabia decided to extend its voluntary oil production cut of 500,000 barrels per day until the end of December 2024 in coordination with some OPEC+ countries. The Kingdom also extended the voluntary reduction of one million barrels per day, which began in July 2023, until the end of 2024.
- The 2024 general budget put expenditures estimate at SAR 1.251 trillion and revenues at SAR 1.172 trillion—an expected deficit of SAR 79 billion.
Here is the performance of the market index since 2005:
|
TASI Performance Since 2005 |
|||
|
Year |
Closing (points) |
Change (points) |
Change (%) |
|
2005 |
16713 |
+ 8507 |
+104% |
|
2006 |
7934 |
(8779) |
(53%) |
|
2007 |
11039 |
+ 3105 |
+39% |
|
2008 |
4803 |
(6236) |
(56%) |
|
2009 |
6122 |
+ 1319 |
+27% |
|
2010 |
6621 |
+ 499 |
+8% |
|
2011 |
6418 |
(203) |
(3%) |
|
2012 |
6801 |
+ 383 |
+6% |
|
2013 |
8536 |
+ 1735 |
+26% |
|
2014 |
8333 |
(203) |
(2%) |
|
2015 |
6912 |
(1421) |
(17%) |
|
2016 |
7210 |
+ 298 |
+4% |
|
2017 |
7226 |
+ 16 |
+0.2% |
|
2018 |
7827 |
+ 601 |
+8% |
|
2019 |
8389 |
+ 562 |
+7% |
|
2020 |
8690 |
+ 301 |
+4% |
|
2021 |
11282 |
+ 2592 |
+30% |
|
2022 |
10478 |
(804) |
(7%) |
|
2023 |
11967 |
+ 1489 |
+14% |
Below table shows TASI quarterly performance since 2010
|
TASI Quarterly Performance Since 2010 |
|||
|
Year |
Opening (points) |
Closing (points) |
Change (points) |
|
2010 |
|||
|
Q1 2010 |
6122 |
6801 |
+11.1% |
|
Q2 2010 |
6801 |
6094 |
(10.4%) |
|
Q3 2010 |
6094 |
6392 |
+4.9% |
|
Q4 2010 |
6392 |
6621 |
+3.6% |
|
2011 |
|||
|
Q1 2011 |
6621 |
6563 |
(0.9%) |
|
Q2 2011 |
6563 |
6576 |
+0.2% |
|
Q3 2011 |
6576 |
6112 |
)7.1%) |
|
Q4 2011 |
6112 |
6418 |
+5.0% |
|
2012 |
|||
|
Q1 2012 |
6418 |
7835 |
+22.1% |
|
Q2 2012 |
7835 |
6710 |
(14.4%) |
|
Q3 2012 |
6710 |
6840 |
+1.9% |
|
Q4 2012 |
6840 |
6801 |
(0.6%) |
|
2013 |
|||
|
Q1 2013 |
6801 |
7126 |
+4.8% |
|
Q2 2013 |
7126 |
7497 |
+5.2% |
|
Q3 2013 |
7497 |
7965 |
+6.2% |
|
Q4 2013 |
7965 |
8536 |
+7.2% |
|
2014 |
|||
|
Q1 2014 |
8536 |
9474 |
+11.0% |
|
Q2 2014 |
9474 |
9513 |
+0.4% |
|
Q3 2014 |
9513 |
10855 |
+14.1% |
|
Q4 2014 |
10855 |
8333 |
(23.2%) |
|
2015 |
|||
|
Q1 2015 |
8333 |
8779 |
+5.3% |
|
Q2 2015 |
8779 |
9087 |
+3.5% |
|
Q3 2015 |
9087 |
7404 |
(18.5%) |
|
Q4 2015 |
7404 |
6912 |
(6.7%) |
|
2016 |
|||
|
Q1 2016 |
6912 |
6223 |
(10.0%) |
|
Q2 2016 |
6223 |
6500 |
+4.4% |
|
Q3 2016 |
6500 |
5623 |
(13.5%) |
|
Q4 2016 |
5623 |
7210 |
+28.2% |
|
2017 |
|||
|
Q1 2017 |
7210 |
7002 |
(2.9%) |
|
Q2 2017 |
7002 |
7426 |
+6.1% |
|
Q3 2017 |
7426 |
7283 |
(1.9%) |
|
Q4 2017 |
7283 |
7226 |
(0.8% ( |
|
2018 |
|||
|
Q1 2018 |
7226 |
7871 |
+8.9% |
|
Q2 2018 |
7871 |
8314 |
+5.6% |
|
Q3 2018 |
8314 |
8000 |
(3.8%) |
|
Q4 2018 |
8000 |
7827 |
(2.2%) |
|
2019 |
|||
|
Q1 2019 |
7827 |
8819 |
+12.7% |
|
Q2 2019 |
8819 |
8822 |
+0.03% |
|
Q3 2019 |
8822 |
8092 |
(8.3%) |
|
Q4 2019 |
8092 |
8389 |
+3.7% |
|
2020 |
|||
|
Q1 2020 |
8389 |
6505 |
(22.5%) |
|
Q2 2020 |
6505 |
7224 |
+11.0% |
|
Q3 2020 |
7224 |
8299 |
+14.9% |
|
Q4 2020 |
8299 |
8690 |
+4.7% |
|
2021 |
|||
|
Q1 2021 |
8690 |
9908 |
+14.0% |
|
Q2 2021 |
9908 |
10984 |
+10.9% |
|
Q3 2021 |
10984 |
11496 |
+4.7% |
|
Q4 2021 |
11496 |
11282 |
(1.9%) |
|
2022 |
|||
|
Q1 2022 |
11282 |
13090 |
+16.0% |
|
Q2 2022 |
13090 |
11523 |
(12.0%) |
|
Q3 2022 |
11523 |
11405 |
(1.0%) |
|
Q4 2022 |
11405 |
10478 |
(8.1%) |
|
2023 |
|||
|
Q1 2023 |
10478 |
10590 |
+1.1% |
|
Q2 2023 |
10590 |
11459 |
+8.2% |
|
Q3 2023 |
11459 |
11056 |
(3.5%) |
|
Q4 2023 |
11056 |
11967 |
+8.2% |
Monthly performance:
TASI gained in seven months of 2023. It recorded the biggest monthly rise of 7% (790 points) in December, followed by April with an increase of 7% (718).
Meanwhile, the benchmark declined in five months. It recorded the biggest monthly fall of 6% (690 points) in February, followed by another in September (4%) then May (3%) and October (3%).
|
TASI Monthly Performance in 2023 |
|||
|
Month |
Closing (points) |
Change (points) |
Change (%) |
|
January |
10793 |
+ 315 |
+3% |
|
February |
10103 |
(690) |
(6%) |
|
March |
10590 |
+ 487 |
+5% |
|
April |
11308 |
+ 718 |
+7% |
|
May |
11014 |
(294) |
(3%) |
|
June |
11459 |
+ 445 |
+4% |
|
July |
11692 |
+ 233 |
+2% |
|
August |
11491 |
(201) |
(2%) |
|
September |
11056 |
(435) |
(4%) |
|
October |
10690 |
(366) |
(3%) |
|
November |
11177 |
+ 487 |
+5% |
|
December |
11967 |
+ 790 |
+7% |
Market sectors ended the year on a positive note, except for REITs, which saw a decline of 8%.
The software & services sector was the top gainer, rising 91%, followed by capital goods with a 90% jump. Banks sector grew 6% while basic materials saw a 1% increase.
|
Performance by Sector in 2023 |
||||
|
Sector |
2022 |
2023 |
Change (points) |
Change (%) |
|
Energy |
5427 |
6218 |
+791 |
+15% |
|
Materials |
6290 |
6352 |
+62 |
+1% |
|
Capital Goods |
5226 |
9929 |
+4703 |
+90% |
|
Commercial & Professional Services |
3436 |
5559 |
+2123 |
+62% |
|
Transportation |
4541 |
6339 |
+1798 |
+40% |
|
Consumer Durables |
4225 |
5024 |
+799 |
+19% |
|
Consumer Services |
3690 |
4940 |
+1250 |
+34% |
|
Media |
21496 |
24526 |
+3030 |
+14% |
|
Consumer Discretionary |
7174 |
8526 |
+1352 |
+19% |
|
Consumer Staples |
8541 |
9678 |
+1137 |
+13% |
|
Food Production |
4640 |
5608 |
+968 |
+21% |
|
Healthcare |
9110 |
12026 |
+2916 |
+32% |
|
Pharmaceuticals |
2873 |
4857 |
+1984 |
+69% |
|
Financial Services |
6361 |
6650 |
+289 |
+5% |
|
Software and Services |
35888 |
68579 |
+32691 |
+91% |
|
Real Estate Management |
2500 |
3049 |
+549 |
+22% |
|
Insurance |
5317 |
8472 |
+3155 |
+59% |
|
REITs |
3975 |
3668 |
(307) |
(8%) |
|
Banks |
11542 |
12201 |
+659 |
+6% |
|
Telecom |
6389 |
7720 |
+1331 |
+21% |
|
Utilities |
7174 |
9938 |
+2764 |
+39% |
|
Total Market |
10478 |
11967 |
+1489 |
+14% |
Index performance:
TASI hit its highest level in 2023 at 11,982 points on Dec. 31 and the highest close on the same day at 11,967. It reached its lowest levels of 9,931 points on Feb. 28, while sank to all-year low closing on March 16 at 9,977.
The benchmark's highest daily trading value was recorded on May 31 at SAR 11.8 billion.
The lowest daily trading value was witnessed on Jan. 1 at SAR 2.25 billion. The highest daily trading volume came on April 10 at 1.16 billion shares.
|
performance in 2023 |
|||
|
Period |
Performance |
Date |
Notes |
|
Highest (points) |
11982 |
Dec. 21 |
-- |
|
Lowest (points) |
9931 |
Feb. 28 |
-- |
|
Highest close (points) |
11967 |
Dec. 31 |
Highest close since October 2022 |
|
Lowest close (points) |
9977 |
March 16 |
-- |
|
Highest traded value (SAR bln) |
11.80 |
May 31 |
MCSI implements its periodic review on the Saudi market. |
|
Lowest traded value (SAR bln) |
2.25 |
Jan. 1 |
-- |
|
Highest traded shares |
1.16 |
April 10 |
-- |
Sessions with biggest gains and losses:
The market index edged up in 129 out of 249 sessions during 2023. June 4 saw the highest gains as TASI added 207 points or 1.9%, followed by March 19 with 181 points increase, as shown below:
|
Sessions of biggest gains in 2023 |
||||
|
Session |
Opening (points) |
Closing (points) |
Change (points) |
Change (%) |
|
June 4 |
11015 |
11222 |
207 |
1.9 % |
|
March 19 |
9977 |
10158 |
181 |
1.8 % |
|
April 3 |
10637 |
10807 |
170 |
1.6 % |
|
Nov. 15 |
10857 |
11023 |
166 |
1.5 % |
|
Sept. 27 |
10918 |
11077 |
159 |
1.5 % |
|
Oct. 31 |
10536 |
10690 |
154 |
1.5 % |
|
April 4 |
10807 |
10949 |
142 |
1.4 % |
|
March 21 |
10218 |
10360 |
142 |
1.3 % |
|
Dec. 14 |
11401 |
11543 |
141 |
1.2 % |
|
Aug. 10 |
11286 |
11424 |
138 |
1.2 % |
TASI retreated in 118 trading sessions during 2023, led by the Oct. 23 session when the index closed lower by 203 points or 1.9%. On Oct. 8, it lost 169 points or 1.6%.
|
Sessions with Most Points Lost |
||||
|
Session |
Opening (points) |
Closing (points) |
Change (points) |
Change (%) |
|
Oct. 23 |
10496 |
10293 |
(203) |
(1.9%) |
|
Oct. 8 |
10765 |
10596 |
(169) |
(1.6%) |
|
March 15 |
10207 |
10049 |
(159) |
(1.6%) |
|
Oct. 22 |
10655 |
10496 |
(158) |
(1.5%) |
|
Aug. 2 |
11636 |
11478 |
(158) |
(1.4%) |
|
May 3 |
11219 |
11073 |
(145) |
(1.3%) |
|
Feb. 5 |
10702 |
10559 |
(143) |
(1.3%) |
|
Jan. 4 |
10661 |
10532 |
(129) |
(1.2%) |
|
May 31 |
11140 |
11014 |
(126) |
(1.1%) |
|
Feb. 20 |
10493 |
10371 |
(122) |
(1.2%) |
Trading value:
Total trading value declined in 2023, amounting to SAR 1.33 trillion, down 22% compared with SAR 1.70 trillion a year earlier.
July had the highest trading value at SAR 145.7 billion.
|
Trading Value (SAR bln) |
||||
|
Month |
2022 |
2023 |
Daily average |
Change (%) |
|
January |
148.64 |
89.82 |
3.91 |
(40%) |
|
February |
159.51 |
73.81 |
3.88 |
(54%) |
|
March |
234.67 |
106.09 |
4.82 |
(55%) |
|
April |
184.20 |
88.92 |
5.56 |
(52%) |
|
May |
166.91 |
136.00 |
5.91 |
(19%) |
|
June |
143.86 |
100.09 |
6.26 |
(30%) |
|
July |
95.65 |
145.69 |
6.62 |
+52% |
|
August |
158.84 |
125.03 |
5.44 |
(21%) |
|
September |
108.61 |
108.74 |
5.72 |
+0.1% |
|
October |
116.30 |
111.71 |
4.86 |
(4%) |
|
November |
106.66 |
120.97 |
5.50 |
+13% |
|
December |
84.21 |
126.25 |
6.01 |
+50% |
|
Total |
1708.04 |
1333.12 |
5.35 |
(22%) |
Transactions implemented during 2023:
The number of transactions implemented during 2023 increased by 7% year-on-year (YoY) to 94 million.
July saw most deals with 9.46 million transactions.
|
Transaction Implemented in 2023 (mln) |
|||
|
Month |
2022 |
2023 |
Change |
|
January |
6.91 |
6.80 |
(2%) |
|
February |
6.78 |
5.81 |
(14%) |
|
March |
9.95 |
7.51 |
(25%) |
|
April |
8.20 |
5.86 |
(29%) |
|
May |
7.17 |
8.98 |
(25%) |
|
June |
7.97 |
6.73 |
(16%) |
|
July |
5.34 |
9.46 |
+77% |
|
August |
8.93 |
8.46 |
(5%) |
|
September |
6.60 |
7.90 |
+20% |
|
October |
6.78 |
9.08 |
+34% |
|
November |
6.74 |
8.75 |
+30% |
|
December |
6.53 |
8.70 |
+33% |
|
Total |
87.90 |
94.02 |
+7% |
Stock performance:
For stock performance, 156 companies closed the year higher, while 50 stocks ended in the red.
Etihad Atheeb Telecommunication Co. (GO) was the best performer for the year, surging 261%, followed by Middle East Healthcare Co. (Saudi German Health) and Arabian Pipes Co. jumping by 247% and 219%, respectively.
National Agricultural Development Co. (NADEC), Riyadh Cables Co., Elm Co. and Leejam Sports Co. (Fitness Time) inched up between 142% and 186%, as shown below:
|
Top Performers in 2023* |
|||
|
Company |
2022 (SAR) |
2023 (SAR) |
Change (%) |
|
Etihad Atheeb |
46.95 |
169.60 |
+261% |
|
Saudi German Health |
25.45 |
88.30 |
+247% |
|
Arabian Pipes |
40.00 |
127.60 |
+219% |
|
Electrical Industries |
0.94 |
2.84 |
+202% |
|
NADEC |
9.75 |
27.85 |
+186% |
|
Astra |
51.70 |
133.20 |
+158% |
|
Riyadh Cebles |
36.25 |
92.60 |
+155% |
|
Elm |
332.00 |
815.00 |
+145% |
|
Leejam |
84.00 |
203.40 |
+142% |
|
Aldrees |
74.40 |
177.40 |
+138% |
|
Care |
73.90 |
174.40 |
+136% |
|
SASCO |
32.50 |
74.30 |
+129% |
|
Salama |
8.49 |
19.40 |
+129% |
|
MESC |
9.90 |
22.34 |
+126% |
|
Al Arabia |
107.00 |
241.00 |
+125% |
|
East Pipes |
37.30 |
81.50 |
+119% |
|
Saudi Steel Pipe |
17.90 |
36.30 |
+103% |
|
Al Rajhi Takaful |
35.80 |
71.00 |
+98% |
|
Al-Babtain |
13.97 |
27.50 |
+97% |
|
Maharah |
40.66 |
79.50 |
+96% |
*Price changes were factored in due to capital changes
Alamar Foods Co. led the decliners with a 31% slump, followed by the Arab National Bank (ANB) that plunged 21%.
Shares of Methanol Chemicals Co. (Chemanol), Saudi Kayan Petrochemical Co., Nahdi Medical Co. and Saudi Electricity Co. dropped by 18-20%.
|
Top Losers in 2023* |
|||
|
Company |
2022 (SAR) |
2023 (SAR) |
Change (%) |
|
Alamar |
138.80 |
95.80 |
(31%) |
|
Tanmiah |
131.20 |
103.00 |
(21%) |
|
ANB |
32.05 |
25.30 |
(21%) |
|
Chemanol |
25.30 |
20.20 |
(20%) |
|
Saudi Kayan |
13.66 |
10.96 |
(20%) |
|
Nahdi |
167.20 |
137.00 |
(18%) |
|
Saudi Electricity |
23.10 |
18.98 |
(18%) |
|
Takween |
18.40 |
15.28 |
(17%) |
|
Shams |
0.72 |
0.60 |
(17%) |
|
Southern Cement |
51.00 |
42.55 |
(17%) |
|
Sumou |
49.50 |
42.65 |
(14%) |
|
Retal |
9.89 |
8.52 |
(14%) |
|
Anaam Holding |
1.04 |
0.91 |
(12%) |
|
Development Works Food |
153.80 |
136.00 |
(12%) |
|
Printing and Packaging |
17.50 |
15.56 |
(11%) |
|
SHL |
20.48 |
18.26 |
(11%) |
|
Batic |
2.37 |
2.12 |
(10%) |
|
Riyad Bank |
31.80 |
28.50 |
(10%) |
|
Alasmak |
26.90 |
24.40 |
(9%) |
|
Tabuk Cement |
14.92 |
13.60 |
(9%) |
*Price changes were factored in due to capital changes
Performance of newly listed companies:
Tadawul witnessed the listing of seven companies in 2023, six of which logged gains compared to the listing price.
|
Performance of listed companies in 2023 |
||||
|
Company |
Listing Price (SAR) |
Possible Trading Price (SAR)* |
2023 (SAR) |
Change** |
|
Al Mawarid |
64.00 |
76.80 |
124.80 |
+63% |
|
Jamjoom Pharma |
60.00 |
72.00 |
115.00 |
+60% |
|
SAL |
106.00 |
127.20 |
194.40 |
+53% |
|
ADES |
13.50 |
16.19 |
24.00 |
+48% |
|
Lumi |
66.00 |
79.20 |
100.00 |
+26% |
|
First Mills |
60.00 |
72.00 |
75.10 |
+4% |
|
MRNA |
14.60 |
16.06 |
12.38 |
(23%) |
*(Highest+lowest prices)/2 in the first trading session, allowing buy/sell of any volume
** Change compared to the possible trading price
Performance of REITs:
Units of 13 real estate investment trusts (REITs) declined in 2023.
Musharaka REIT was the worst performer, plunging 35%, followed by Mulkia Gulf Real Estate REIT that dived 22%.
Meanwhile, units of five REITs saw increases, led by Al Maather REIT and Bonyan REIT at 12% and 7%, respectively.
|
Performance of REITs in 2023 |
|||
|
REIT |
2022 (SAR) |
2023 (SAR) |
Change |
|
Al Maather REIT |
8.36 |
9.33 |
+12% |
|
Bonyan REIT |
9.16 |
9.80 |
+7% |
|
Jadwa REIT Saudi |
12.90 |
13.40 |
+4% |
|
MEFIC REIT |
4.77 |
4.94 |
+4% |
|
Alinma Hospitality REIT |
*9.59 |
9.69 |
+1% |
|
Taleem REIT |
11.80 |
11.32 |
(4%) |
|
Alinma Retail REIT |
4.90 |
4.69 |
(4%) |
|
Jadwa REIT Al Haramain |
6.86 |
6.51 |
(5%) |
|
AlJazira REIT |
17.84 |
16.86 |
(5%) |
|
Al Rajhi REIT |
9.79 |
8.88 |
(9%) |
|
Riyad REIT |
9.88 |
8.86 |
(10%) |
|
Al Ahli REIT 1 |
10.10 |
9.05 |
(10%) |
|
SEDCO Capital REIT |
10.32 |
9.12 |
(12%) |
|
Derayah REIT |
10.12 |
8.25 |
(18%) |
|
SICO Saudi REIT |
5.59 |
4.55 |
(19%) |
|
Alkhabeer REIT |
7.60 |
6.16 |
(19%) |
|
Mulkia REIT |
7.75 |
6.05 |
(22%) |
|
Musharaka REIT |
8.85 |
5.79 |
(35%) |
Close-ended traded funds:
The units of Alkhabeer Growth and Income Traded Fund and Alkhabeer Diversified Income Traded Fund recorded an increase of 56% and 19%, respectively, during 2023.
|
Performance of Close-Ended Traded Funds (SAR) |
|||
|
Fund |
2022 |
2023 |
Change |
|
Alkhabeer Growth and Income Traded Fund |
5.69 |
8.85 |
+56% |
|
Alkhabeer Diversified Income Traded Fund |
5.95 |
7.10 |
+19% |
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