Tadawul trading screen
Saudi Arabia’s benchmark Tadawul All Share Index (TASI) rose 2.2%, or 259 points, to close the first nine months of 2024 at 12,226 points on Sept. 30, compared to 11,967 points in 9M 2023.
The Saudi market index recorded a 3.6%, or 435 points, increase in Q1 2024, while it retreated by 5.8% (722 points) in Q2 2024. Then, it logged a 4.7% (546 points) rise in Q3 2024.
Major events in Q3
- Saudi-listed companies disclosed their financial results for Q2 2024.
- At August-start, US stock indices fell sharply amid fears of a US economic recession and concerns about the Federal Reserve delaying interest rate cuts.
- The Federal Reserve cut interest rates by 50 basis points (bps) to the 4.75%-5.00% range, after keeping them unchanged for 11 consecutive times. The Saudi Central Bank (SAMA) decided to cut the reverse repo and repo rates by 50 bps each to 500 bps and 550 bps, respectively.
- OPEC+ countries agreed to extend their voluntary additional production cuts of 2.2 million barrels per day for two months until November-end. From December until November 2025, the cuts will be gradually rolled back monthly.
- Oil prices ranged between $69 and $88 per barrel during Q2 2024.
- The Ministry of Finance announced the actual budget for H1 2024, with SAR 647.03 billion revenues and SAR 674.75 billion expenditures, which means a deficit of around SAR 27.7 billion.
- The Ministry of Finance announced the estimated budget for 2025, estimating public revenues at SAR 1.18 trillion and expenditures at SAR 1.28 trillion, with a deficit of SAR 101 billion.
Revenues are expected to reach 1.23 trillion in 2024 and expenditures at SAR 1.35 trillion with a deficit of SAR 118 billion.
|
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%) |
|
Q3 2024 |
11680 |
12226 |
+4.7% |
Monthly performance:
TASI recorded a rise in five months during 9M 2024, led by a 7.1% hike in February. It declined during four months, with the biggest drop of 7.2% in May.
|
TASI Monthly Performance in 9M 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% |
|
July |
12110 |
+430 |
+3.7% |
|
August |
12145 |
+35 |
+0.3% |
|
September |
12226 |
+81 |
+0.7% |
Sector performance
As many as 14 of the market sectors ended 9M 2024 in the green, while seven ended in the red zone.
Public utilities was the best performing sector, leaping 65%. It was followed by media and entertainment sector (39%), insurance sector (24%), and telecommunications (6%).
On the other hand, the energy and materials sectors declined by 17% and 7%, respectively. The banks sector fell by 4% as shown below:
|
Performance by Sector in 9M 2024 |
||||
|
Sector |
2023 |
9M 2024 |
Change (pts) |
Change (%) |
|
Energy |
6218 |
5143 |
(1075) |
(17%) |
|
Materials |
6352 |
5927 |
(425) |
(7%) |
|
Capital Goods |
9929 |
13257 |
+3328 |
+34% |
|
Commercial & Professional Services |
5559 |
5010 |
(549) |
(10%) |
|
Transportation |
6339 |
7626 |
+1287 |
+20% |
|
Consumer Durables & Apparel |
5024 |
5427 |
+403 |
+8% |
|
Consumer Services |
4940 |
5249 |
+309 |
+6% |
|
Media and Entertainment |
24526 |
34056 |
+9530 |
+39% |
|
Consumer Discretionary Distribution & Retail |
8526 |
8114 |
(412) |
(5%) |
|
Consumer Staples Distribution & Retail |
9678 |
9613 |
(65) |
(1%) |
|
Food and Beverages |
5608 |
6036 |
+428 |
+8% |
|
Healthcare Equipment & Services |
12026 |
12807 |
+781 |
+6% |
|
Pharma, Biotech & Life Science |
4857 |
5809 |
+952 |
+20% |
|
Financial Services |
6650 |
7834 |
+1184 |
+18% |
|
Software & Services |
68579 |
86250 |
+17671 |
+26% |
|
Real Estate Management & Development |
3049 |
3866 |
+817 |
+27% |
|
Insurance |
8472 |
10527 |
+2055 |
+24% |
|
REITs |
3668 |
3353 |
(315) |
(9%) |
|
Banks |
12201 |
11682 |
(519) |
(4%) |
|
Telecommunication Services |
7720 |
8207 |
+487 |
+6% |
|
Utilities |
9938 |
16403 |
+6465 |
+65% |
|
Market |
11967 |
12226 |
+259 |
+2% |
Index performance
TASI hit its highest level in 9M 2024 at 12,883 points on March 24, and recorded its highest close on March 21 at 12,836 points.
On the other hand, it reached its lowest level of 11,318 on Aug. 5, and marked its lowest close of 11,499 points on June 13.
The highest traded volume came on June 9 at 1.96 billion shares worth SAR 53.95 billion, including the negotiated deals on Saudi Aramco related to the private offering.
Meanwhile, July 7 recorded the lowest traded value at SAR 3.94 billion.
TASI Performance in 9M 2024
|
Period |
Performance |
Date |
Notes |
|
Highest (points) |
12883 |
March 24 |
-- |
|
Lowest (points) |
11444 |
August 5 |
-- |
|
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 saw negotiated deals worth SAR 42.1B on nearly 1.55 billion shares |
|
Lowest traded value (SAR bln) |
3.94 |
July 7 |
-- |
|
Highest traded volume (bln shares) |
1.96 |
June 9 |
Saudi Aramco saw negotiated deals worth SAR 42.1B on nearly 1.55 billion shares |
The Saudi benchmark index headed north in 101 out of 184 trading sessions in 9M 2024.
The biggest gain of 2.6% (295 points) was recorded on June 9, followed by 231 points on June 23.
|
Sessions of Highest Gain in 9M 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% |
|
Aug. 6 |
11504 |
11679 |
175 |
1.5% |
|
Sept. 19 |
11921 |
12080 |
160 |
1.3% |
|
July 28 |
12026 |
12175 |
149 |
1.2% |
|
April 3 |
12477 |
12622 |
146 |
1.2% |
|
Jan. 7 |
12145 |
12285 |
140 |
1.1% |
|
Sept. 24 |
12130 |
12268 |
139 |
1.1% |
TASI fell in 83 sessions during 9M 2024, with the steepest drops on Aug. 4 by 2.4% (292 points) and Jan. 30 by 2.2% (267 points).
|
Sessions of Biggest Loss in 9M 2024 |
||||
|
Session |
Open (points) |
Close (points) |
Change (points) |
Change (%) |
|
Aug. 4 |
12046 |
11754 |
(291) |
(2.4%) |
|
Jan. 30 |
12253 |
11986 |
(267) |
(2.2%) |
|
Aug. 5 |
11754 |
11504 |
(250) |
(2.1%) |
|
Sept. 11 |
11987 |
11766 |
(220) |
(1.8%) |
|
April 16 |
12708 |
12500 |
(208) |
(1.6%) |
|
June 4 |
11808 |
11612 |
(196) |
(1.7%) |
|
Jan. 3 |
12123 |
11929 |
(194) |
(1.6%) |
|
May 30 |
11697 |
11503 |
(193) |
(1.7%) |
|
Jan. 31 |
11986 |
11797 |
(189) |
(1.6%) |
|
May 9 |
12460 |
12284 |
(176) |
(1.4%) |
Trading value:
Total trading value rose by 51% in the nine-month period to SAR 1.46 trillion, compared to SAR 974.20 billion a year earlier.
January saw the highest trading value at about SAR 195.94 billion, as shown in the following table:
|
Trading Value (SAR bln) |
||||
|
Month |
2023 |
2024 |
Daily Average |
Change (%) |
|
January |
89.82 |
195.94 |
8.52 |
+118% |
|
February |
73.81 |
185.97 |
9.30 |
+152% |
|
March |
106.09 |
193.97 |
9.24 |
+83% |
|
April |
88.92 |
134.57 |
7.92 |
+51% |
|
May |
136.00 |
142.57 |
6.48 |
+5% |
|
June |
100.09 |
170.34 |
10.65 |
+70% |
|
July |
145.69 |
145.60 |
6.67 |
(0.1%) |
|
August |
125.03 |
160.02 |
7.62 |
+28% |
|
September |
108.74 |
140.15 |
6.33 |
+29% |
|
Total |
974.20 |
1469.12 |
7.98 |
+51% |
The number of transactions increased by 45% year-on-year (YoY) to 98 million, with March recording the highest number of transactions at 12.03 million.
Maximum transactions were executed in March at nearly 12.03 million, as shown in the table below:
|
Transactions in 9M 2024 (mln) |
|||
|
Month |
2023 |
2024 |
Change (%) |
|
January |
6.80 |
11.87 |
+75% |
|
February |
5.81 |
11.11 |
+91% |
|
March |
7.51 |
12.03 |
+60% |
|
April |
5.86 |
9.17 |
+56% |
|
May |
8.98 |
10.81 |
+20% |
|
June |
6.73 |
9.16 |
+36% |
|
July |
9.46 |
11.45 |
+21% |
|
August |
8.46 |
11.53 |
+36% |
|
September |
7.90 |
10.82 |
+37% |
|
Total |
67.50 |
97.95 |
+45% |
Stock performance:
Compared to 2023-end, 124 stocks closed 9M 2024 on a positive note and 88 finished in the red.
Red Sea International Co., Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful), and Saudi Chemical Co. Holding (SCCH) were the top performers, soaring 182%, 170%, and 165%, respectively.
Meanwhile, Retal Urban Development Co., ACWA Power Co., Etihad Atheeb Telecommunication Co. (GO), and Saudi Steel Pipe Co. (SSP) recorded gains ranging between 80% and 97%, as follows:
|
Top Performers* |
|||
|
Company |
2023 (SAR) |
9M 2024 (SAR) |
Change (%) |
|
Red Sea |
23.70 |
66.80 |
+182% |
|
Al Rajhi Takaful |
71.00 |
191.80 |
+170% |
|
Saudi Chemical |
4.32 |
11.46 |
+165% |
|
Electrical Industries |
2.84 |
7.16 |
+152% |
|
Saudi Steel Pipe |
36.30 |
71.50 |
+97% |
|
Saudi Re |
18.60 |
36.05 |
+94% |
|
ACWA Power |
256.49 |
494.60 |
+93% |
|
GO |
51.51 |
93.30 |
+81% |
|
Batic |
2.12 |
3.84 |
+81% |
|
Retal |
8.52 |
15.36 |
+80% |
|
NCLE |
118.20 |
211.40 |
+79% |
|
East Pipes |
81.50 |
144.80 |
+78% |
|
MESC |
22.34 |
38.50 |
+72% |
|
Taiba |
26.75 |
46.00 |
+72% |
|
Al Akaria |
15.94 |
27.00 |
+69% |
|
Chubb Arabia |
0.60 |
1.01 |
+68% |
|
Chubb |
25.00 |
42.05 |
+68% |
|
SRMG |
171.40 |
287.40 |
+68% |
|
Jamjoom Pharma |
115.00 |
190.60 |
+66% |
|
MEDGULF |
14.40 |
23.78 |
+65% |
Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) led losers, diving 40%, followed by Rabigh Refining and Petrochemical Co. (Petro Rabigh), Mobile Telecommunication Company Saudi Arabia (Zain KSA), and Saudi Kayan Petrochemical Co. that fell between 21% and 23%.
A number of cement companies also recorded losses, including Riyadh Cement, Saudi Cement, Southern Cement, Najran Cement, and Qassim Cement, with declines between 17% and 29%, as shown below:
|
Top 10 Losers* |
|||
|
Company |
2023 (SAR) |
9M 2024 (SAR) |
Change (%) |
|
Cenomi Retail |
17.62 |
10.52 |
(40%) |
|
Arabian Drilling |
191.00 |
115.00 |
(40%) |
|
Yanbu Cement |
34.45 |
24.30 |
(29%) |
|
Al Hammadi |
59.40 |
42.70 |
(28%) |
|
Arabian Cement |
34.45 |
25.75 |
(25%) |
|
Saudi Kayan |
10.96 |
8.40 |
(23%) |
|
Zain KSA |
14.08 |
10.96 |
(22%) |
|
Riyadh Cement |
34.20 |
26.90 |
(21%) |
|
Saudi Cement |
52.60 |
41.50 |
(21%) |
|
Petro Rabigh |
10.34 |
8.21 |
(21%) |
|
BSF |
40.00 |
32.20 |
(20%) |
|
solutions |
349.80 |
282.00 |
(19%) |
|
Lumi |
100.00 |
81.40 |
(19%) |
|
Southern Cement |
42.55 |
34.70 |
(18%) |
|
Alamar |
95.80 |
78.30 |
(18%) |
|
Saudi German Health |
88.30 |
72.40 |
(18%) |
|
Saudi Aramco |
33.00 |
27.10 |
(18%) |
|
Al Arabia |
241.00 |
200.20 |
(17%) |
|
Najran Cement |
11.42 |
9.50 |
(17%) |
|
Qassim Cement |
63.70 |
53.10 |
(17%) |
*Stock price adjustments due to capital changes were factored in.
Blue chips performance:
Market heavyweights witnessed a mixed performance in 9M 2024, as the shares of Saudi Arabian Oil Co. (Saudi Aramco), Saudi National Bank (SNB), Saudi Basic Industries Corp. (SABIC) declined by rates ranging between 10% and 18%.
Meanwhile, Al Rajhi Bank and stc rose by 1% and 8%, respectively.
ACWA Power Co. was the top gainer among blue chip stocks, leaping 93%, while Banque Saudi Fransi recorded the sharpest fall at 20%.
|
Top Heavyweight Performers* |
|||
|
Company |
2023 (SAR) |
9M 2024 (SAR) |
Change (%) |
|
Saudi Aramco |
33.00 |
27.10 |
(18%) |
|
Al Rajhi Bank |
86.50 |
87.20 |
+1% |
|
ACWA Power |
256.49 |
494.60 |
+93% |
|
SNB |
38.65 |
34.30 |
(11%) |
|
stc |
40.40 |
43.70 |
+8% |
|
SABIC |
83.50 |
74.90 |
(10%) |
|
Alinma Bank |
30.92 |
28.50 |
(8%) |
|
Sulaiman Al Habib |
284.00 |
296.60 |
+4% |
|
Maaden |
48.55 |
48.80 |
+1% |
|
Riyad Bank |
28.50 |
24.92 |
(13%) |
|
SAB |
37.90 |
34.65 |
(9%) |
|
Bank Albilad |
36.36 |
39.40 |
+8% |
|
BSF |
40.00 |
32.20 |
(20%) |
|
Almarai |
55.80 |
55.20 |
(1%) |
|
Mobily |
49.05 |
51.40 |
+5% |
|
Savola Group |
21.96 |
27.00 |
+23% |
|
Elm |
815.00 |
1,163.40 |
+43% |
|
Jabal Omar |
22.40 |
24.92 |
+11% |
|
SABIC AN |
138.20 |
118.80 |
(14%) |
|
SRMG |
171.40 |
287.40 |
+68% |
Performance of newly listed companies:
Tadawul witnessed the listing of eight companies in 9M 2024, recording mixed performance compared to the debut price.
Shares of Miahona Co. logged the highest gains at 120%, followed by MBC Group at 60%. Rasan Information Technology Co.’s (Rasan) and Middle East Pharmaceutical Industries Co.’s (Avalon Pharma) rose by 39% each.
On the other hand, Saudi Manpower Solutions Co.’s (SMASCO), Dr. Soliman Abdel Kader Fakeeh Hospital Co. (Fakeeh Care), and Modern Mills for Food Products Co. (Modern Mills) fell 2%, 8%, and 16%, respectively, as shown below:
|
Performance of companies listed in 9M 2024 |
||||
|
Company |
Listing Price |
Possible Trading Price (SAR)* |
9M 2024 (SAR) |
Change** (%) |
|
Miahona |
11.50 |
13.79 |
30.30 |
+120% |
|
MBC |
25.00 |
30.00 |
47.85 |
+60% |
|
Rasan |
37.00 |
44.40 |
62.90 |
+42% |
|
Avalon Pharma |
82.00 |
98.40 |
140.00 |
+42% |
|
TALCO |
43.00 |
51.15 |
59.30 |
+16% |
|
SMASCO |
7.50 |
9.00 |
8.86 |
(2%) |
|
Fakeeh Care |
57.50 |
63.60 |
58.50 |
(8%) |
|
Modern Mills |
48.00 |
57.60 |
48.40 |
(16%) |
**Change compared to the possible trading price.
Performance of REITs:
Units of most real estate investment trusts (REITs) declined in 9M 2024, except for AlJazira REIT Fund, Alinma Retail REIT Fund, and Taleem REIT that rose between 4% and 7%.
The units of Derayah REIT declined the most by 22%, followed by the units of Riyadh REIT by 21%, then Al Ahli REIT 1 by 17%, as shown in the following table:
|
Performance of REITs in 9M 2024 |
|||
|
REIT |
2023 (SAR) |
9M 2024 (SAR) |
Change |
|
AlJazira REIT |
16.86 |
18.10 |
+7% |
|
Alinma Retail REIT |
4.69 |
4.98 |
+6% |
|
Taleem REIT |
11.32 |
11.76 |
+4% |
|
Derayah REIT |
8.25 |
6.44 |
(22%) |
|
Riyad REIT |
8.86 |
6.97 |
(21%) |
|
Al Ahli REIT (1) |
9.05 |
7.50 |
(17%) |
|
Jadwa REIT Saudi |
13.40 |
11.56 |
(14%) |
|
Alinma Hospitality REIT |
9.69 |
8.49 |
(12%) |
|
MEFIC REIT |
4.94 |
4.33 |
(12%) |
|
Musharaka REIT |
5.79 |
5.16 |
(11%) |
|
SEDCO Capital REIT |
9.12 |
8.21 |
(10%) |
|
SICO Saudi REIT |
4.55 |
4.20 |
(8%) |
|
Mulkia REIT |
6.05 |
5.67 |
(6%) |
|
Jadwa REIT Al Haramain |
6.51 |
6.19 |
(5%) |
|
Al Maather REIT |
9.33 |
9.10 |
(2%) |
|
Al Rajhi REIT |
8.88 |
8.73 |
(2%) |
|
Bonyan REIT |
9.80 |
9.69 |
(1%) |
|
Alkhabeer REIT |
6.16 |
6.10 |
(1%) |
Close-ended traded funds:
All closed-end mutual fund units recorded a decline during the first nine months of this year, as shown in the following table:
|
Performance of Close-Ended Traded Funds (SAR) |
|||
|
Fund |
2023 (SAR) |
9M 2024 |
Change |
|
Alkhabeer Growth and Income Traded Fund |
8.85 |
8.21 |
(7%) |
|
Alkhabeer Diversified Income Traded Fund |
7.10 |
6.28 |
(12%) |
|
Alkhabeer Income Fund 2030 |
10.12 |
7.45 |
(26%) |
|
SEDCO Capital Multi Asset Traded Fund |
10.00 |
7.23 |
(28%) |
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