TASI ends 2024 above 12,000 points, hits 19-year high
Tadawul trading screen
Saudi Arabia’s Tadawul All Share Index (TASI) added 0.6%, or 70 points, to close out 2024 at 12,037 compared to 11,967 points in 2023, data compiled by Argaam showed.
The Saudi gauge notched a 19-year higher, after closing at 16,713 points in 2005.
The index gained 3.6%, or 435 points, in A1 2024, but slumped 5.8%, or 722 points in the second quarter.
In Q3, TASI jumped 4.7%, or 546 points, but dropped 1.5%, or 189 points in the last quarter of the year.
Various events shaped the market performance, notably the Federal Reserve’s decision to cut interest rates three times in 2024 by a total of 100 basis points, bringing rates to a range of 4.25% to 4.50%. In response, the Saudi Central Bank (SAMA) also reduced reverse repo and repo rates three times during the year to 450 basis points and 500 basis points, respectively.
Moreover, 8% of Saudi Aramco's total issued shares were transferred from the state to portfolios managed by companies owned by the Public Investment Fund (PIF). Additionally, Saudi Aramco conducted a secondary public offering of 1.545 billion shares, representing 0.64% of the company’s shares.
In December, OPEC decided to postpone its plan to increase oil production until April 2025.
Saudi Arabia also announced its 2025 budget, projecting revenues of SAR 1.1 trillion and expenditures of SAR 1.28 trillion.
In 2024, 13 companies and one REIT were listed on the Saudi Exchange (Tadawul). Moreover, oil prices ranged between $68 and $93 per barrel.
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% |
2024 |
12037 |
+70 |
+0.6% |
The table below shows TASI quarterly performance since 2010
TASI Quarterly Performance Since 2010 |
|||
Year |
Opening (points) |
Closing (points) |
Change (points) |
2010 |
|||
Q1 |
6122 |
6801 |
+11.1% |
Q2 |
6801 |
6094 |
(10.4%) |
Q3 |
6094 |
6392 |
+4.9% |
Q4 |
6392 |
6621 |
+3.6% |
2011 |
|||
Q1 |
6621 |
6563 |
(0.9%) |
Q2 |
6563 |
6576 |
+0.2% |
Q3 |
6576 |
6112 |
)7.1%) |
Q4 |
6112 |
6418 |
+5.0% |
2012 |
|||
Q1 |
6418 |
7835 |
+22.1% |
Q2 |
7835 |
6710 |
(14.4%) |
Q3 |
6710 |
6840 |
+1.9% |
Q4 |
6840 |
6801 |
(0.6%) |
2013 |
|||
Q1 |
6801 |
7126 |
+4.8% |
Q2 |
7126 |
7497 |
+5.2% |
Q3 |
7497 |
7965 |
+6.2% |
Q4 |
7965 |
8536 |
+7.2% |
2014 |
|||
Q1 |
8536 |
9474 |
+11.0% |
Q2 |
9474 |
9513 |
+0.4% |
Q3 |
9513 |
10855 |
+14.1% |
Q4 |
10855 |
8333 |
(23.2%) |
2015 |
|||
Q1 |
8333 |
8779 |
+5.3% |
Q2 |
8779 |
9087 |
+3.5% |
Q3 |
9087 |
7404 |
(18.5%) |
Q4 |
7404 |
6912 |
(6.7%) |
2016 |
|||
Q1 |
6912 |
6223 |
(10.0%) |
Q2 |
6223 |
6500 |
+4.4% |
Q3 |
6500 |
5623 |
(13.5%) |
Q4 |
5623 |
7210 |
+28.2% |
2017 |
|||
Q1 |
7210 |
7002 |
(2.9%) |
Q2 |
7002 |
7426 |
+6.1% |
Q3 |
7426 |
7283 |
(1.9%) |
Q4 |
7283 |
7226 |
(0.8% ( |
2018 |
|||
Q1 |
7226 |
7871 |
+8.9% |
Q2 |
7871 |
8314 |
+5.6% |
Q3 |
8314 |
8000 |
(3.8%) |
Q4 |
8000 |
7827 |
(2.2%) |
2019 |
|||
Q1 |
7827 |
8819 |
+12.7% |
Q2 |
8819 |
8822 |
+0.03% |
Q3 |
8822 |
8092 |
(8.3%) |
Q4 |
8092 |
8389 |
+3.7% |
2020 |
|||
Q1 |
8389 |
6505 |
(22.5%) |
Q2 |
6505 |
7224 |
+11.0% |
Q3 |
7224 |
8299 |
+14.9% |
Q4 |
8299 |
8690 |
+4.7% |
2021 |
|||
Q1 |
8690 |
9908 |
+14.0% |
Q2 |
9908 |
10984 |
+10.9% |
Q3 |
10984 |
11496 |
+4.7% |
Q4 |
11496 |
11282 |
(1.9%) |
2022 |
|||
Q1 |
11282 |
13090 |
+16.0% |
Q2 |
13090 |
11523 |
(12.0%) |
Q3 |
11523 |
11405 |
(1.0%) |
Q4 |
11405 |
10478 |
(8.1%) |
2023 |
|||
Q1 |
10478 |
10590 |
+1.1% |
Q2 |
10590 |
11459 |
+8.2% |
Q3 |
11459 |
11056 |
(3.5%) |
Q4 |
11056 |
11967 |
+8.2% |
2024 |
|||
Q1 |
12402 |
+3.6% |
11967 |
Q2 |
11680 |
(5.8%) |
12402 |
Q3 |
12226 |
+4.7% |
11680 |
Q4 |
12037 |
(1.5%) |
12226 |
Monthly performance:
TASI gained in six months of 2024. It recorded the biggest monthly rise of 7.1% (834 points) in February, and 3.7% or 430 points in July.
On the other hand, the benchmark declined in six months. It recorded the biggest monthly loss of 7.2% (892 points) in May.
TASI Monthly Performance in 2024 |
|||
Month |
Closing (Point) |
Change (Point) |
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% |
October |
12022 |
(204) |
(1.8%) |
November |
11641 |
(381) |
(3.2%) |
December |
12037 |
+396 |
+3.4% |
Sector Performance:
Thirteen market sectors closed out 2024 in the green, while eight ended in the red.
Capital goods was the top gainer, soaring 52.8%, followed by utilities (38.6%). Banks and insurance gained 0.5% and 25.4%, respectively.
Conversely, energy was the biggest loser, shedding 14.8%. Both the consumer staples distribution and retail, and REITs dropped 13.5% each, followed by materials (12.3%).
Sector Performance in 2024 |
||||
Sector |
2023 |
2024 |
Change (Points) |
Change (%) |
Energy |
6218 |
5300 |
(918) |
(14.8%) |
Materials |
6352 |
5568 |
(784) |
(12.3%) |
Capital Goods |
9929 |
15171 |
5242 |
52.8% |
Professional Services |
5559 |
4900 |
(659) |
(11.9%) |
Transportation |
6339 |
7068 |
729 |
11.5% |
Consumer Durables |
5024 |
5413 |
389 |
7.7% |
Consumer Services |
4940 |
4847 |
(93) |
(1.9%) |
Media |
24526 |
31920 |
7394 |
30.1% |
Consumer Discretionary |
8526 |
7523 |
(1003) |
(11.8%) |
Consumer Staples |
9678 |
8368 |
(1310) |
(13.5%) |
Food Production |
5608 |
6013 |
405 |
7.2% |
Healthcare |
12026 |
11754 |
(272) |
(2.3%) |
Pharmaceuticals |
4857 |
4957 |
100 |
2.1% |
Financial Services |
6650 |
7733 |
1083 |
16.3% |
Banks |
12201 |
12263 |
62 |
0.5% |
Telecom |
7720 |
7867 |
147 |
1.9% |
Utilities |
9938 |
13777 |
3839 |
38.6% |
Insurance |
8472 |
10622 |
2150 |
25.4% |
Real Estate Management |
3049 |
3675 |
626 |
20.5% |
Software & Services |
68579 |
81623 |
13044 |
19.0% |
REITs |
3668 |
3173 |
(495) |
(13.5%) |
Market |
11967 |
12037 |
70 |
0.6% |
Index performance:
TASI notches its highest level in 2024 at 12,883 points on March 24 and the highest close on March 21 at 12,836. It fell to its lowest levels of 11,318 points on Aug. 5, while sank to all-year low closing on June 13 at 11,499.
The benchmark's highest daily trading value was recorded on June 9 at SAR 53.95 billion, including a negotiated deal on Saudi Aramco at a total value of SAR 42.1 billion).
The lowest daily trading value was witnessed on Dec. 25 at SAR 2.8 billion.
The highest daily trading volume came on June 9 at 1.96 billion shares.
performance in 2024 |
|||
Period |
Performance |
Date |
Notes |
Highest (points) |
12883 |
March 24 |
-- |
Lowest (points) |
11318 |
Aug. 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 |
A negotiated deal on 1.55 billion shares of Saudi Aramco at SAR 42.1 billion |
Lowest traded value (SAR bln) |
2.80 |
Dec. 25 |
Lowest value since February 2023 |
Highest traded shares |
1.97 |
June 9 |
A negotiated deal on 1.55 billion shares of Saudi Aramco at SAR 42.1 billion |
Sessions with biggest gains and losses:
The market index headed north in 134 out of 250 sessions during 2024. June 9 saw the biggest gains as TASI added 295 points or 2.5%, followed by June 23 with 231 points increase, as shown below:
Sessions with biggest gains in 2024 |
||||
Session |
Opening (points) |
Closing (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% |
Oct. 27 |
11886 |
12069 |
183 |
1.5% |
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% |
Oct. 7 |
11769 |
11914 |
145 |
1.2% |
Meanwhile, TASI headed south in 116 trading sessions during 2024. The biggest fall was recorded on Aug. 4 at 291 points, or 2.4%. On Jan. 30, it lost 267 points or 2.2%.
Sessions With Biggest Losses |
||||
Session |
Opening (points) |
Closing (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%) |
Oct 2 |
12254 |
12044 |
(209) |
(1.7%) |
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%) |
Trading Value:
Total trading value jumped 40% in 2024 to SAR 1.86 trillion, compared with SAR 1.33 trillion a year earlier.
January saw the highest trading value at SAR 195.94 billion, excluding Saudi Aramco’s SAR 42 billion negotiated deals.
Trading Value in 2024 (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 |
6.67 |
+29% |
October |
111.71 |
146.71 |
6.38 |
+31% |
November |
120.97 |
126.92 |
6.35 |
+5% |
December |
126.25 |
119.57 |
5.20 |
(5%) |
Total |
1333.12 |
1862.3 |
7.45 |
+40% |
Transactions implemented during 2024:
The market saw transactions worth SAR 128.6 million in 2024, up by 37% year-on-year (YoY).
March saw most deals with 12.03 million transactions.
Transactions Executed in 2024 (mln) |
|||
Period |
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% |
October |
9.08 |
11.15 |
+23% |
November |
8.75 |
9.35 |
+7% |
December |
8.70 |
10.12 |
+16% |
Total |
94.02 |
128.57 |
(37%) |
Stock performance:
On stock performance, losers outnumbered gainers by 110 to 105.
Saudi Re was the top performer, skyrocketing 190%, followed by Red Sea, Electrical Industries, Al-Baha and Al-Rajhi Takaful gaining between 142% and 159%.
Top Gainers* (SAR) |
|||
Company |
2023 |
2024 |
Change |
Saudi Re |
18.60 |
53.90 |
+190% |
Red Sea |
23.70 |
61.50 |
+159% |
Electrical Industries |
2.84 |
7.24 |
+155% |
Al-Baha |
0.19 |
0.47 |
+144% |
Al-Rajhi Takaful |
71.00 |
171.60 |
+142% |
Saudi Chemical |
4.32 |
9.27 |
+115% |
GO |
51.51 |
109.00 |
+112% |
CHUBB Arabia |
25.00 |
49.50 |
+98% |
MESC |
22.34 |
43.40 |
+94% |
Retal |
8.52 |
16.18 |
+90% |
MEDGULD |
14.40 |
26.05 |
+81% |
Saudi Pipe |
36.30 |
65.10 |
+79% |
Burgerizzr |
11.80 |
20.96 |
+78% |
NCLE |
118.20 |
205.00 |
+73% |
Batic |
2.12 |
3.66 |
+73% |
East Pipes |
81.50 |
140.40 |
+72% |
Saudi Paper |
40.32 |
64.90 |
+61% |
Saudi Cable |
62.90 |
101.00 |
+61% |
SRMG |
171.40 |
275.00 |
+60% |
Shams |
0.60 |
0.96 |
+60% |
*Stock price adjustments were factored in due to capital changes.
Top Losers:
Arabian Drilling was the biggest decliner with a 42% slump. Saudi Kayan, Al-Hammadi and Al-Arabia shed between 34% and 36%.
Shares of Methanol Chemicals Co. (Chemanol), Saudi Kayan Petrochemical Co., Nahdi Medical Co. and Saudi Electricity Co. dropped by 18-20%.
Likewise, SIIG, Sipchem, Zain KSA, Luberef and solutions also lost between 23% and 27%.
Top Losers* (SAR) |
|||
Company |
2023 |
2024 |
Change |
Arabian Drilling |
191.00 |
111.60 |
(42%) |
Saudi Kayan |
10.96 |
7.02 |
(36%) |
Al-Hammadi |
59.40 |
38.40 |
(36%) |
Al-Arabia |
219.09 |
145.20 |
(34%) |
Yanbu Cement |
34.45 |
24.30 |
(29%) |
Americana |
3.23 |
2.28 |
(29%) |
Lumi |
100.00 |
71.20 |
(29%) |
ADES |
24.00 |
17.36 |
(28%) |
Zain KSA |
14.08 |
10.26 |
(27%) |
Sipchem |
34.05 |
24.88 |
(27%) |
Aldawaa |
105.80 |
78.40 |
(26%) |
Cenomi Retail |
17.62 |
13.22 |
(25%) |
SIIG |
22.20 |
16.70 |
(25%) |
Arabian Cement |
34.45 |
26.00 |
(25%) |
Mouwasat |
111.80 |
85.10 |
(24%) |
Luberef |
145.20 |
111.80 |
(23%) |
solutions |
349.80 |
270.00 |
(23%) |
Herfy |
32.40 |
25.10 |
(23%) |
Maharah |
7.95 |
6.16 |
(23%) |
SARCO |
93.00 |
72.10 |
(22%) |
Performance of Large Caps:
Large caps showed mixed performance in 2024, with Al Rajhi Bank and ACWA Power jumping 9% and 57%, respectively.
On the other hand, Saudi Aramco and SNB dropped 15% and 14%, respectively. Major telecom operator, stc also declined 1%.
Giant petrochemical producer SABIC and SABIC Agri-Nutrients Co. (SABIC AN) fell the most by 20% each. SRMG was the top riser, leaping 60%.
Large Caps (SAR) |
|||
Company |
2023 |
2024 |
Change |
Saudi Aramco |
33.00 |
28.05 |
(15%) |
Al Rajhi Bank |
86.50 |
94.60 |
+9% |
ACWA Power |
256.49 |
401.40 |
+57% |
SNB |
38.65 |
33.40 |
(14%) |
stc |
40.40 |
40.00 |
(1%) |
SABIC |
83.50 |
67.00 |
(20%) |
Alinma Bank |
30.92 |
28.95 |
(6%) |
Sulaiman Al-Habib |
284.00 |
280.40 |
(1%) |
Maaden |
48.55 |
50.30 |
+4% |
Riyad Bank |
28.50 |
28.60 |
+0.4% |
SAB |
37.90 |
33.65 |
(11%) |
Bank Albilad |
36.36 |
39.05 |
+7% |
BSF |
19.30 |
15.84 |
(18%) |
Almarai |
55.80 |
57.20 |
+3% |
Mobily |
49.05 |
53.40 |
+9% |
Savola |
23.53 |
36.70 |
+56% |
Elm |
815.00 |
1115.00 |
+7% |
Jabal Omar |
22.40 |
20.56 |
(8%) |
SABIC AN |
138.20 |
111.00 |
(20%) |
SRMG |
171.40 |
275.00 |
+60% |
*Stock price adjustments were factored in due to capital changes.
Performance of new entrants:
Tadawul witnessed the listing of 13 companies in 2024, nine of which logged gains compared to the listing price.
Performance of New Entrants in 2024 (SAR) |
||||
Company |
Listing Price |
Potential Trading Price |
2023 |
Change** |
Miahona |
11.50 |
13.79 |
27.75 |
+101% |
RASAN |
37.00 |
44.40 |
86.40 |
+95% |
Almajed Oud |
94.00 |
112.80 |
146.00 |
+29% |
Avalon Pharma |
82.00 |
98.40 |
121.80 |
+24% |
United International |
132.00 |
158.40 |
180.00 |
+14% |
Talco |
43.00 |
51.15 |
55.40 |
+8% |
Tamkeen |
50.00 |
60.00 |
64.10 |
+7% |
Fakeeh Care |
57.50 |
63.60 |
67.00 |
+5% |
MBC |
25.00 |
30.00 |
30.85 |
+3% |
SMASCO |
7.50 |
9.00 |
7.66 |
(15%) |
MC4 |
5.30 |
5.52 |
4.04 |
(27%) |
Modern Mills |
48.00 |
57.60 |
41.15 |
(29%) |
Arabian Mills |
66.00 |
69.20 |
49.05 |
(29%) |
*(Highest+Lowest Prices)/2 in the first session, where investors can buy or sell any volume.
*Compared to potential trading price.
Performance of REITs:
Units of 16 real estate investment trusts (REITs) declined in 2024.
Derayah REIT was the worst performer, tumbling 28%, followed by Jadwa REIT Saudi that dived 25%.
Meanwhile, units of three REITs gained, spearheaded by Al Maather REIT and Alinma Retail REIT at 2% and 1%, respectively.
REIT Performance (SAR) |
|||
Fund |
2023 |
2024 |
Change |
Al-Maather |
9.33 |
9.48 |
+2% |
Alinma Retail |
4.69 |
4.73 |
+1% |
Bonyan |
9.80 |
9.83 |
+0.3% |
Al Rajhi |
8.88 |
8.36 |
(6%) |
Alkhabeer |
6.16 |
5.70 |
(7%) |
SEDCO Capital |
9.12 |
8.39 |
(8%) |
Jadwa Al-Haramain |
6.51 |
5.95 |
(9%) |
Taleem |
11.32 |
10.24 |
(10%) |
Mulkia |
6.05 |
5.44 |
(10%) |
Al Jazira |
16.86 |
15.04 |
(11%) |
SICO Saudi |
4.55 |
3.96 |
(13%) |
Alinma Hospitality |
9.69 |
8.40 |
(13%) |
Alistishmar* |
10.00 |
8.34 |
(17%) |
MEFIC |
4.94 |
4.06 |
(18%) |
Musharaka |
5.79 |
4.72 |
(18%) |
AlAhli (1) |
9.05 |
7.08 |
(22%) |
Riyad |
8.86 |
6.80 |
(23%) |
Jadwa Saudi |
13.40 |
10.08 |
(25%) |
Derayah |
8.25 |
5.91 |
(28%) |
*Listed (Change compared to offer price)
Close-ended traded funds:
All funds demonstrated negative performance in 2024.
Close-ended traded funds (SAR) |
|||
Fund |
2023 |
2024 |
Change |
Alkhabeer Growth and Income |
8.85 |
8.43 |
(5%) |
Alkhabeer Income |
7.10 |
6.46 |
(9%) |
Alkhabeer Diversified Income 2030 |
10.12 |
7.40 |
(27%) |
*SEDCO Capital Multi Asset |
10.00 |
6.52 |
(35%) |
*Compared to the offer price.
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