Saudi Arabia’s benchmark Tadawul All Share Index (TASI) declined 5.8%, or 722 points, to close the second quarter of 2024 at 11,680 points on June 30, compared to 12,402 points in Q1.
The Saudi market index recorded a 2.4%, or 287 points, decline in H1 2024 after it ended Q1 with an increase of 3.6%, or 435 points.
Saudi Aramco published the secondary offering document to sell 1.545 billion shares on TASI, representing nearly 0.64% of the company's issued shares.
TASI listed five companies this quarter including Miahona Co., Rasan Information Technology Co., TALCO, SMASCO and Fakeeh Care.
Interest rates stabilized between 5.25% and 5.50% for the fourth time since the beginning of this year, and expectations of reducing them once in 2024.
OPEC+ agreed to extend their oil output cuts from Jan. 1, 2025, to Dec. 31, 2025.
Oil prices ranged between $76 and $92 per barrel in Q2 2024.
The following table shows TASI’s quarterly performance since 2010:
|
TASI Quarterly Performance Since 2010 |
|||
|
Year |
Open (points) |
Close (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% |
|
2024 |
|||
|
Q1 2024 |
11967 |
12402 |
+3.6% |
|
Q2 2024 |
12402 |
11680 |
(5.8%) |
Monthly performance:
TASI recorded a decline in H1 2024 over 4 months, led by a 7.2% drop in May, while it rose during the months of February and June by 7.1% and 1.5%, respectively.
|
TASI Monthly Performance in 2024 |
|||
|
Month |
Close (points) |
Change (points) |
Change (%) |
|
January |
11797 |
(171) |
(1.4%) |
|
February |
12631 |
+834 |
+7.1% |
|
March |
12402 |
(229) |
(1.8%) |
|
April |
12395 |
(7) |
(0.1%) |
|
May |
11503 |
(892) |
(7.2%) |
|
June |
11680 |
+177 |
+1.5% |
Market Sectors’ Performance
As many as nine of the market sectors ended H1 2024 in the red, while 12 ended in the green territory.
Energy came the least performing sector, falling 15%. It was followed by retail and luxury goods (13%) and then basic materials (10%) and banks (6%). Conversely, energy led the declining sectors, down 6%.
On the other hand, the insurance, capital goods, public utilities, and transportation sectors increased ranging between 24% and 29%, as shown below:
|
Performance by Sector in H1 2024 |
||||
|
Sector |
2023 |
H1 2024 |
Change (pts) |
Change (%) |
|
Energy |
6218 |
5277 |
(941) |
(15%) |
|
Materials |
6352 |
5747 |
(605) |
(10%) |
|
Capital Goods |
9929 |
12565 |
+2636 |
+27% |
|
Commercial & Professional Services |
5559 |
5114 |
(445) |
(8%) |
|
Transportation |
6339 |
7836 |
+1497 |
+24% |
|
Consumer Durables |
5024 |
5351 |
+327 |
+7% |
|
Consumer Services |
4940 |
5148 |
+208 |
+4% |
|
Media and Entertainment |
24526 |
27634 |
+3108 |
+13% |
|
Retailing |
8526 |
7401 |
(1125) |
(13%) |
|
Consumer Staples Distribution & Retail |
9678 |
9235 |
(443) |
(5%) |
|
Food and beverages |
5608 |
6028 |
+420 |
+7% |
|
Healthcare |
12026 |
12980 |
+954 |
+8% |
|
Pharma |
4857 |
4714 |
(143) |
(3%) |
|
Financial Services |
6650 |
7770 |
+1120 |
+17% |
|
Software & Services |
68579 |
69976 |
+1397 |
+2% |
|
Real Estate Management |
3049 |
3329 |
+280 |
+9% |
|
Insurance |
8472 |
10939 |
+2467 |
+29% |
|
REITs |
3668 |
3239 |
(429) |
(12%) |
|
Banks |
12201 |
11498 |
(703) |
(6%) |
|
Telecom |
7720 |
7572 |
(148) |
(2%) |
|
Utilities |
9938 |
12480 |
+2542 |
+26% |
|
Market |
11967 |
11680 |
(287) |
(2%) |
Index Performance
TASI hit its highest level in H1 2024 at 12,883 points on March 24. It also reached its highest close on March 21 at 12,836 points.
On the other hand, it reached its lowest level of 11,444 on June 2, and its lowest close of 11,499 points on May 26 at SAR 4.37 billion.
The highest daily traded volume came on June 9 at 1.96 billion shares.
|
TASI performance in H1 2024 |
|||
|
Period |
Performance |
Date |
Notes |
|
Highest (points) |
12883 |
March 24 |
-- |
|
Lowest (points) |
11444 |
June 2 |
-- |
|
Highest close (points) |
12836 |
March 21 |
Highest close since May 2022 |
|
Lowest close (points) |
11499 |
June 13 |
-- |
|
Highest traded value (SAR bln) |
53.95 |
June 9 |
Saudi Aramco sees negotiated deals worth SAR 42.1B on nearly 1.55 billion shares |
|
Lowest traded value (SAR bln) |
4.37 |
May 26 |
-- |
|
Highest traded shares |
1.96 |
June 9 |
Saudi Aramco sees negotiated deals worth SAR 42.1B on nearly 1.55 billion shares |
The Saudi benchmark index headed north in 62 out of 119 trading sessions in H1 2024.
The biggest gain of 2.5%, or 295 points, was recorded on June 9, followed by 231 points on June 23.
|
Sessions of biggest gain in H1 2024 |
||||
|
Session |
Open (points) |
Close (points) |
Change (points) |
Change (%) |
|
June 9 |
11560 |
11855 |
+295 |
+2.5% |
|
June 23 |
11499 |
11730 |
+231 |
+2.0% |
|
Jan 4 |
11929 |
12145 |
+217 |
+1.8% |
|
June 3 |
11625 |
11808 |
+183 |
+1.6% |
|
April 3 |
12477 |
12622 |
+146 |
+1.2% |
|
Jan. 7 |
12145 |
12285 |
+140 |
+1.2% |
|
April 29 |
12232 |
12369 |
+138 |
+1.1% |
|
June 2 |
11503 |
11625 |
+122 |
+1.1% |
|
Feb. 1 |
11797 |
11914 |
+118 |
+1.0% |
|
Feb. 13 |
12296 |
12405 |
+109 |
+0.9% |
TASI fell in 55 of the total H1 2024 sessions, with the biggest drops on Jan. 30 at 267 points or 2.2% and April 16 at 208 points or 1.6%.
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