Tadawul trading screen
Tadawul All Share Index (TASI) ended the second quarter of 2023 with a gain of 8.2%, or 869 points, at 11,459 points, compared to 10,590 points at the end of Q1 2023.
The benchmark index has reported the biggest quarterly gains since Q1 2022, surging 9.4%, or 981 points.
TASI added 1.1%, or 112 points, in the first quarter of the year.
During the second quarter, the Saudi Central Bank (SAMA) raised its reverse repo rate to 525 basis points (5.25%). It also hiked its repo rate to 575 bps (5.75%).
The Federal Reserve kept interest rates unchanged for the first time since 15 months.
OPEC and its allies agreed to set a new production target at 40.46 million barrels per day (bpd) from January-December 2024. Accordingly, OPEC agreed to slash its production target for 2024 by around 1.4 million barrels per day (bpd) compared to current production targets.
Saudi Arabia also said it will extend its voluntary output cut of 500,000 barrels per day (bpd), in addition to the additional voluntary cut of one million bpd starting from July for one month.
Moreover, 11 listed companies approved reducing the nominal value of their stocks.
The Capital Market Authority (CMA) approved the rules for foreign investment in securities, amendments to the investment accounts instructions, amendments to the executive regulations of the companies law for listed joint stock companies.
The Saudi Exchange (Tadawul) successfully implemented six new market enhancements as part of its ongoing initiative to improve trading infrastructure across the Saudi market.
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% |
Monthly performance:
During the first half of the year, TASI posted gains in four months, led by April (7%). It headed south in February and May, losing 6% and 3%, respectively.
|
TASI Monthly Performance in H1 2023 |
|||
|
Month |
Close (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% |
Most of the market sectors ended on a positive note in H1 2023, except for banks and REITs, which dropped 2% each.
Pharma, biotech and life science recoded the biggest rise of 75%. Software and services came second, with a gain of 55%. By contrast, capital goods and materials shed 45% and 5%, respectively in the six-month period.
|
Performance by Sector in H1 2023 |
||||
|
Sector |
2022 |
H1 2023 |
Change (points) |
Change(%) |
|
Energy |
5427 |
6051 |
+624 |
11% |
|
Materials |
6290 |
6625 |
+335 |
5% |
|
Capital Goods |
5226 |
7596 |
+2370 |
45% |
|
Commercial & Professional Services |
3436 |
4472 |
+1036 |
30% |
|
Transportation |
4541 |
6203 |
+1662 |
37% |
|
Consumer Durables |
4225 |
5575 |
+1350 |
32% |
|
Consumer Services |
3690 |
5235 |
+1545 |
42% |
|
Media |
21496 |
24378 |
+2882 |
13% |
|
Retailing |
7174 |
8288 |
+1114 |
16% |
|
Food Retailing |
8541 |
10582 |
+2041 |
24% |
|
Food & Beverages |
4640 |
5937 |
+1297 |
28% |
|
Healthcare |
9110 |
11950 |
+2840 |
31% |
|
Pharma, biotech & life science |
2873 |
5020 |
+2147 |
75% |
|
Banks |
11542 |
11278 |
(264) |
(2%) |
|
Diversified Financials |
6361 |
6943 |
+582 |
9% |
|
Insurance |
5317 |
7525 |
+2208 |
42% |
|
Software and Services |
35888 |
55453 |
+19565 |
55% |
|
Telecommunication Services |
6389 |
7987 |
+1598 |
25% |
|
Utilities |
7174 |
7782 |
+608 |
8% |
|
REITs |
3975 |
3885 |
(90) |
(2%) |
|
Real Estate Management |
2500 |
3306 |
+806 |
32% |
|
Market |
10478 |
11459 |
+981 |
9% |
Index performance:
TASI hit its highest level in H1 2023 at 11,573 points on June 18. It also reached its highest close on June 14 at 11,533 points.
On the other hand, it reached its lowest level of 9,931 on Feb. 28, and its lowest close of 9,977 points on March 16.
The benchmark's highest daily traded value was recorded on May 31 at about SAR 11.8 billion. The highest daily traded volume was on Jan. 11 at 700.56 million shares.
|
TASI performance in H1 2023 |
|||
|
Period |
Performance |
Date |
Notes |
|
Highest (points) |
11573 |
June 18 |
-- |
|
Lowest (points) |
9931 |
Feb. 28 |
-- |
|
Highest close (points) |
11533 |
June 14 |
Highest close since 6 months |
|
Lowest close (points) |
9977 |
Mar. 16 |
-- |
|
Highest traded value (SAR bln) |
11.80 |
May 31 |
MSCI implemented changes of quarterly index review |
|
Lowest traded value (SAR bln) |
2.25 |
Jan. 1 |
-- |
|
Highest traded shares |
700.56 |
Jan. 11 |
-- |
The Saudi benchmark index headed north in 63 out of 119 trading sessions.
The biggest gain of 1.9%, or 207 points, was recorded on June 4.
|
Sessions of biggest gain in H1 2023 |
||||
|
Session |
Open (points) |
Close (points) |
Change (points) |
Change (%) |
|
June 4 |
11015 |
11222 |
207 |
1.9% |
|
Mar. 19 |
9977 |
10158 |
181 |
1.8 % |
|
April 3 |
10637 |
10807 |
170 |
1.6 % |
|
April 4 |
10807 |
10949 |
142 |
1.4 % |
|
Mar. 21 |
10218 |
10360 |
142 |
1.3 % |
|
May 7 |
11119 |
11257 |
138 |
1.2 % |
|
Mar. 5 |
10278 |
10411 |
134 |
1.3 % |
|
April 17 |
11033 |
11164 |
131 |
1.2 % |
|
Jan. 12 |
10617 |
10744 |
127 |
1.2 % |
|
June 14 |
11414 |
11533 |
119 |
1.0 % |
TASI headed south in 54 trading sessions. It incurred the biggest loss of 1.6%, or 159 points, on March 15.
|
Sessions of biggest loss in H1 2023 |
||||
|
Session |
Open (points) |
Close (points) |
Change (points) |
Change (%) |
|
Mar. 15 |
10207 |
10049 |
(159) |
(1.6%) |
|
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%) |
|
May 15 |
11348 |
11230 |
(118%) |
(1.0%) |
|
Feb. 23 |
10270 |
10153 |
(116) |
(1.1%) |
|
Feb. 26 |
10153 |
10052 |
(102) |
(1.0%) |
|
Feb. 21 |
10371 |
10270 |
(101) |
(1.0%) |
Trading value:
Total trading value dropped 43% in the six-month period to SAR 594.73 billion, from SAR 1.03 trillion a year earlier.
The highest traded value of SAR 136 billion was recorded in May.
|
Trading Value (SAR bln) |
||||
|
Month |
H1 2022 |
H1 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%) |
|
Total |
1037.78 |
594.73 |
5.00 |
(43%) |
The number of transactions decreased by 11% to 41.68 million in the first half.
|
Month |
H1 2022 |
H1 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%) |
|
Total |
46.97 |
41.68 |
(11%) |
Stock performance:
For stock performance, 186 stocks closed H1 2023 in the red, compared to the year-earlier period, while 20 stocks ended higher.
Saudi German Health was the top performer, soaring 178%, followed by NADEC (102%), and Salama (97%).
|
Top 10 Performers |
|||
|
Company |
2022 (SAR) |
H1 2023 (SAR) |
Change (%) |
|
SGH |
25.45 |
70.70 |
+178% |
|
NADEC |
20.42 |
41.30 |
+102% |
|
Salama |
12.96 |
25.50 |
+97% |
|
Malath |
11.04 |
20.98 |
+90% |
|
Eelectrical Industries |
18.80 |
35.40 |
+88% |
|
Riyadh Cables |
36.25 |
65.40 |
+80% |
|
SASCO |
32.50 |
58.40 |
+80% |
|
Thimar |
18.92 |
33.65 |
+78% |
|
Elm |
332.00 |
582.00 |
+75% |
|
SPIMACO |
21.78 |
38.05 |
+75% |
Arab National Bank (ANB) led losers, dipping 18%. Bank Albilad came second, falling 13%, followed by SABIC Agri-Nutrients with (11%).
|
Top 10 Losers |
|||
|
Company |
2022 (SAR) |
H1 2023 (SAR) |
Change (%) |
|
ANB |
32.05 |
26.35 |
(18%) |
|
Albilad |
44.45 |
38.70 |
(13%) |
|
SABIC Agri-Nutrients |
146.20 |
129.60 |
(11%) |
|
Retal |
12.36 |
11.38 |
(8%) |
|
Alamar |
138.80 |
131.00 |
(6%) |
|
SHL |
20.48 |
19.50 |
(5%) |
|
AlJazira |
19.08 |
18.28 |
(4%) |
|
Tanmiah |
131.20 |
126.20 |
(4%) |
|
Al Rajhi |
75.20 |
73.00 |
(3%) |
|
Saudi Electricity |
23.10 |
22.54 |
(2%) |
*Price changes were taken into account due to capital changes
Performance of REITs:
Eight real estate investment trusts (REITs) went up in H1 2023, while 10 REITs went down.
|
Performance of REITs in H1 2023 |
|||
|
REIT |
2022 (SAR) |
H1 2023 (SAR) |
Change |
|
AlJazira REIT |
17.84 |
20.46 |
+15% |
|
Jadwa REIT Al Haramain |
6.86 |
7.60 |
+11% |
|
MEFIC REIT |
4.77 |
5.18 |
+9% |
|
Al Maather REIT |
8.36 |
9.00 |
+8% |
|
Alinma Retail REIT |
4.90 |
5.11 |
+4% |
|
Jadwa REIT Saudi |
12.90 |
13.42 |
+4% |
|
Bonyan REIT |
9.16 |
9.44 |
+3% |
|
SICO Saudi REIT |
5.59 |
5.64 |
+1% |
|
Al Rajhi REIT |
9.79 |
9.75 |
(0.4%) |
|
Alinma Hospitality REIT |
9.59* |
9.33 |
(3%) |
|
Taleem REIT |
11.80 |
11.30 |
(4%) |
|
Derayah Saudi |
10.12 |
9.63 |
(5%) |
|
AlAhli REIT 1 |
10.10 |
9.40 |
(7%) |
|
Mulkia REIT |
7.75 |
7.14 |
(8%) |
|
SEDCO Capital REIT |
10.32 |
9.38 |
(9%) |
|
Riyad REIT |
9.88 |
8.97 |
(9%) |
|
Alkhabeer REIT |
7.60 |
6.79 |
(11%) |
|
Musharaka REIT |
8.85 |
7.76 |
(12%) |
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