TASI rises 32% in 9M 2021, hits highest since January 2008

02/10/2021 Argaam Special

Tadawul trading screen


Saudi Arabia’s Tadawul All Share Index (TASI) leapt 32%, or 2,806 points, during the first nine months of 2021, to reach 11,496 points, compared to 8,690 points at the end of 2020, data compiled by Argaam shows.

 

The index ended the first quarter of 2021 with a rise of 14%, or 1,218 points, 11% in Q2 and 4.7% in Q3 2021.

 

Thus, the benchmark rose for the sixth straight quarter, hitting its highest since January 2008, and achieving the largest quarterly gains since Q2 2006 when it ended at 12,413 points.

 

Major events impacting the market's performance in Q3 2021: 

 

- Arabian Internet and Communications Services Co. (solutions by stc) and International Company for Power and Water Projects (ACWA Power) floated their shares in initial public offerings (IPOs), and the latter was listed on the last day of the third quarter. The Capital Market Authority (CMA) gave the go-ahead for Nayifat Finance Co., Al Sharq Integrated Pipes and AlMunajem Foods to float their shares.

 

- The Ministry of Health made COVID-19 vaccination mandatory to participate in events and resume education at schools.

 

- The Kingdom set the COVID-19 second vaccine dose as a condition for all the citizens travelling outside the Kingdom.

 

- OPEC+ members agreed to increase the crude production baseline for a number of countries, including Iraq, Kuwait and the UAE, in addition to Saudi Arabia and Russia, Reuters reported, citing sources.

 

- The Saudi Central Bank (SAMA) extended the deferred payment program for three additional months from Oct. 1 to Dec. 31, 2021.

 

- The Ministry of Finance published its pre-budget statement for 2022, with estimated revenues and expenditure of SAR 903 billion and SAR 955 billion, respectively, reflecting a deficit of SAR 52 billion, today, Sept. 30. 

 

Quarterly Performance Since 2010

Period

Opening (Points)

Closing (Points)

Variation (%)

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%

 

Monthly performance:

 

TASI rose in the first three months of 2021, recording the biggest monthly gain of 8.3% in March and more than 5% in February and April each.

 

TASI Monthly Performance in 9M 2021

Month

Closing (points)

Variation (points)

Variation (%)

January

8703

+13

+0.1%

February

9145

+442

+5.1%

March

9908

+763

+8.3%

April

10419

+511

+5.2%

May

10551

+132

+1.3%

June

10984

+433

+4.1%

July

11013

+29

+0.3%

August

11319

+306

+2.8%

September

11496

+177

+1.6%

 

Sector performance

 

All market sectors ended 9M 2021 on a positive note, except for Food and Staples Retailing, declining 7%.

 

Software & Services registered the highest increase of 107%, followed by Media and Entertainment, rising 93%.

 

Banks and Materials sectors moved up 48% and 41%, respectively. Energy sector also edged up 6%.

 

Index performance

 

TASI hit its highest level in the first nine months of 2021 at 11,496 points on Sept. 30. Meanwhile, the index reached its lowest level at 8,464 points on Feb. 4 and the lowest close was on Feb. 3 at 8,543 points.

 

The benchmark's highest daily trading value was recorded on June 8 at SAR 19.48 billion, while the lowest daily trading value came on Aug. 26 at SAR 4.38 billion.

 

The biggest trading volume was on March 16 at around 721.48 million shares.

 

Session performance

 

The index rose in 113 sessions during this period, but declined in 72 sessions. It recorded the biggest gain of 2.8%, or 272 points, on March 31, followed by 2.6%, or 264 points, on April 28.

 

Trading value

 

Trading value increased 63% to reach SAR 1.786 trillion in 9M 2021, compared to SAR 1.095 trillion in the same period a year earlier.

 

June was the largest in terms of trading value by about SAR 295 billion.

Number of transactions

 

The number of transactions executed during the same period jumped 50% year-on-year (YoY) to reach 70.9 million.

 

A total of 674,000 transactions were recorded on June 8, the biggest since 2006, excluding the sessions which witnessed the listing of new companies.

 

March was the biggest in terms of the number of transactions with around 11.46 million.

 

Stock performance

 

Shares of 163 companies closed higher in 9M 2021, while 23 stocks ended in the red.

 

Top performers

 

Etihad Atheeb Telecommunication Co. was the best performer, surging 192%, followed by Saudi Advanced Industries Co. (SAIC) and Sahara International Petrochemical Co. (Sipchem), jumping 170% and 153%, respectively.

 

SABIC Agri-Nutrients Co., Saudi Arabian Mining Co. (Maaden) and Rabigh Refining and Petrochemical Co. (Petro Rabigh) recorded gains of more  than 100%.

 

Top 10 Performers

Company

9M 2020 (SAR)

9M 2021 (SAR)

Variation (%)

Etihad Atheeb

*11.06

32.30

+192%

SAIC

18.90

51.10

+170%

Sipchem

17.32

43.80

+153%

Al Abdullatif 

15.30

34.85

+128%

MEPCO

19.32

42.35

+119%

MIS**

76.96

167.40

+118%

SABIC Agri-Nutrients

80.60

173.00

+115%

Al-Jouf Agricultural

36.70

76.40

+108%

Maaden

40.50

83.80

+107%

SRMG

78.50

162.00

+106%

*Opening price of share after lifting of the trading suspension on Feb. 14, 2021

**Amending capital during the period

 

Top losers

 

Allied Cooperative Insurance Group (ACIG) was the worst performer during the period, retreating 31%, followed by Amana Cooperative Insurance with a loss of 26%.

 

Top 10 Losers

Company

9M 2020 (SAR)

9M 2021 (SAR)

Variation (%)

ACIG

62.80

43.10

(31%)

Amana*

68.53

50.50

(26%)

MEDGULF*

27.10

23.74

(12%)

Gulf Union

20.40

17.98

(12%)

Savola

42.50

37.50

(12%)

Southern Cement

84.30

74.70

(11%)

Umm Al-Qura Cement

31.35

28.30

(10%)

BinDawood

119.00

107.60

(10%)

Saudi Cable

29.75

27.10

(9%)

Al Othaim

122.80

112.60

(8%)

*Amending capital during the period

**Suspending traing as of Sept. 21, 2021

 

Blue chips showed positive performance, except for Savola Group, which fell by 12%.

 

Al Rajhi Bank leapt by 67%, followed by Saudi Basic Industries Corp. (SABIC) and Saudi Aramco, which rose by 26% and 3%, respectively.

 

Performance of Market’s Top 10 Companies (SAR)

Company

Company

9M 2020 (SAR)

9M 2021 (SAR)

Al Rajhi Bank

73.60

122.60

+67%

SNB*

43.35

61.40

+42%

Saudi Aramco

35.00

36.00

+3%

SABIC

101.40

127.40

+26%

stc

106.00

127.00

+20%

Riyad Bank

20.20

27.00

+34%

Banque Saudi Fransi

31.60

41.70

+32%

SABB

24.72

33.15

+34%

Almarai

54.90

58.00

+6%

Alinma Bank

16.18

24.00

+48%

 

Performance of listed companies

 

During the nine-month period, a total of four companies were listed, all of which rose, led by Alkhorayef Water and Power Technologies Co. that closed 73% higher.

 

Solutions by stc, which was listed on Sept. 30, leapt 30%.

 

REITs performance 

 

All real estate investment trusts (REITs) realized an increase duirng the period, topped by AlAhli REIT Fund, which moved 56% higher.

 

Meanwhile, Jadwa REIT Saudi Fund was the lowest performer with a gain of 1%.

 

ETF performance 

 

The nine-month period witnessed the listing of Alkhabeer Diversified Income Traded Fund, the first closed-ended investment traded fund. It closed down 10% at the end of the period. 

 

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