Tadawul trading screen
Saudi Arabia’s Tadawul All Share Index (TASI) ended the first quarter of 2024 with a rise of 3.6%, or 435 points, at 12,402 points, compared to 11,967 points at the end of 2023.
The benchmark index logged the highest quarterly close in two years, from 13,090 points in Q1 2022.
Interest rates held steady at 5.25-5.50% in Q1 2024, amid forecasts of three upcoming cuts in 2024.
In the three-month period, Saudi Arabia extended its voluntary reduction on crude oil output until the end Q2 2024, resulting in daily production at approximately nine million barrels per day (bpd).
The Kingdom implemented in July 2023 a voluntary cut of one million bpd. The decision was in line with OPEC+ members participating the voluntary reductions.
Per barrel oil price ranged between $74 and $88 in Q1 2024.
Meanwhile, the Public Investment Fund (PIF) completed the transfer of 8% of Saudi Aramco's total issued shares from the state's ownership to PIF’s fully owned companies.
Additionally, the Capital Market Authority (CMA) lifted the trading halt on Saudi Cable Co. on April 26. Trading on the stock was suspended on May 9, 2022.
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% |
Monthly performance:
TASI gained 834 pts, or 7.1% in February, but retreated by 1.4% and 1.8% in January and March respectively.
|
TASI Monthly Performance |
|||
|
Month |
Close (points) |
Change (points) |
Change (%) |
|
January |
11797 |
(171) |
(1.4%) |
|
February |
12631 |
+834 |
+7.1% |
|
March |
12402 |
(229) |
(1.8%) |
Market Sectors’ Performance
As many as 16 of the market sectors ended the three-month period in the green, while five ended in the red territory.
Media and Entertainment led the best performing sectors, rising 33%. It was followed by financial services and insurance (26%) and then capital goods (21%) and banks (1%). Conversely, energy led the declining sectors, down 6%.
|
Performance by Sector in Q1 2024 |
||||
|
Sector |
2023 |
Q1 2024 |
Change (pts) |
Change (%) |
|
Energy |
6218 |
5825 |
(393) |
(6%) |
|
Materials |
6352 |
6162 |
(190) |
(3%) |
|
Capital Goods |
9929 |
12017 |
+2088 |
+21% |
|
Commercial & Professional Services |
5559 |
5343 |
(216) |
(4%) |
|
Transportation |
6339 |
7402 |
+1063 |
+17% |
|
Consumer Durables |
5024 |
5543 |
+519 |
+10% |
|
Consumer Services |
4940 |
5195 |
+255 |
+5% |
|
Media and Entertainment |
24526 |
32676 |
+8150 |
+33% |
|
Retailing |
8526 |
8396 |
(130) |
(2%) |
|
Consumer Staples Distribution & Retail |
9678 |
10280 |
+602 |
+6% |
|
Food and beverages |
5608 |
6531 |
+923 |
+16% |
|
Healthcare |
12026 |
13515 |
+1489 |
+12% |
|
Pharma |
4857 |
4889 |
+32 |
+1% |
|
Financial Services |
6650 |
8392 |
+1742 |
+26% |
|
Software & Services |
68579 |
80471 |
+11892 |
+17% |
|
Real Estate Management |
3049 |
3653 |
+604 |
+20% |
|
Insurance |
8472 |
10686 |
+2214 |
+26% |
|
REITs |
3668 |
3548 |
(120) |
(3%) |
|
Banks |
12201 |
12289 |
+88 |
+1% |
|
Telecom |
7720 |
7824 |
+104 |
+1% |
|
Utilities |
9938 |
12042 |
+2104 |
+21% |
|
Market |
11967 |
12402 |
+435 |
+4% |
Index Performance
TASI hit its highest level in Q1 2024 at 12,883 points on March 24. It also reached its highest close in the same trading session at 12,836 points.
On the other hand, it reached its lowest level of 11,771 on Feb. 1, and its lowest close of 11,797 points on Jan. 31.
The benchmark's highest daily traded value was recorded on March 14 at about SAR 14.36 billion. The highest daily traded volume came on March 18 at 671.32 million shares.
|
TASI performance in Q1 2024 |
|||
|
Period |
Performance |
Date |
Notes |
|
Highest (points) |
12883 |
March 24 |
-- |
|
Lowest (points) |
11771 |
Feb. 1 |
-- |
|
Highest close (points) |
12836 |
March 21 |
Highest close since May 2022 |
|
Lowest close (points) |
11797 |
Jan. 31 |
-- |
|
Highest traded value (SAR bln) |
14.36 |
March 14 |
FTSE implemented changes of semi-annual index review |
|
Lowest traded value (SAR bln) |
4.80 |
Feb. 4 |
-- |
|
Highest traded shares |
671.32 |
March 18 |
-- |
The Saudi benchmark index headed north in 39 out of 64 trading sessions.
The biggest gain of 1.8%, or 217 points, was recorded on Jan. 7.
|
Sessions of biggest gain in Q1 2024 |
||||
|
Session |
Open (points) |
Close (points) |
Change (points) |
Change (%) |
|
Jan. 4 |
11929 |
12145 |
+217 |
+1.8% |
|
Jan. 7 |
12145 |
12285 |
+140 |
+1.2% |
|
Feb. 1 |
11797 |
11914 |
+118 |
+1.0% |
|
Feb. 13 |
12296 |
12405 |
+109 |
+0.9% |
|
March 13 |
12614 |
12723 |
+109 |
+0.9% |
|
Jan. 22 |
12004 |
12110 |
+107 |
+0.9% |
|
Jan. 28 |
12162 |
12264 |
+103 |
+0.8% |
|
March 21 |
12739 |
12836 |
+96 |
+0.8% |
|
Feb. 9 |
12071 |
12166 |
+95 |
+0.8% |
|
Feb. 19 |
12502 |
12595 |
+93 |
+0.7% |
TASI fell in 25 of the total Q1 2024 sessions, with the biggest drops on Jan. 23 at 267 points or 2.2% and Jan. 3 at 194 points or 1.6%.
|
Sessions of biggest loss in Q1 2024 |
||||
|
Session |
Open (points) |
Close (points) |
Change (points) |
Change (%) |
|
Jan. 30 |
12253 |
11986 |
(267) |
(2.2%) |
|
Jan. 3 |
12123 |
11929 |
(194) |
(1.6%) |
|
Jan. 31 |
11986 |
11797 |
(189) |
(1.6%) |
|
March 31 |
12566 |
12402 |
(164) |
(1.3%) |
|
March 24 |
12796 |
12657 |
(139) |
(1.1%) |
|
March 4 |
12555 |
12435 |
(121) |
(1.0%) |
|
Jan. 18 |
12063 |
11959 |
(104) |
(0.9%) |
|
March 3 |
12631 |
12555 |
(76) |
(0.6%) |
|
Feb. 26 |
12605 |
12532 |
(73) |
(0.6%) |
|
March 26 |
12657 |
12586 |
(71) |
(0.6%) |
Trading value:
Total trading value rose by 50% in the three-month period to SAR 575.9 billion, from SAR 269.7 billion a year earlier, with January recording the highest at SAR 195.94 billion.
|
Trading Value (SAR bln) |
||||
|
Month |
Q1 2023 |
Q1 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% |
|
Total |
269.71 |
575.89 |
9.00 |
+114% |
The number of transactions increased by 74% YoY to 35.02 million.
|
The transactions executed in Q1 2024 (mln) |
|||
|
Month |
Q1 2023 |
Q1 2024 |
Change (%) |
|
January |
6.80 |
11.87 |
75% |
|
February |
5.81 |
11.11 |
91% |
|
March |
7.51 |
12.03 |
60% |
|
Total |
20.12 |
35.02 |
74% |
Stock performance:
For stock performance, 148 stocks closed Q1 2024 higher, compared to 2023, while 63 stocks ended in the red.
Saudi Steel Pipe Co. (SSP) was the best performer, soaring 88%, followed by Etihad Atheeb Telecommunication Co. (82%) and Saudi Paper Manufacturing Co. (72%).
|
Top 10 Performers |
|||
|
Company |
2023 (SAR) |
Q1 2024 (SAR) |
Change (%) |
|
Saudi Pipe |
36.30 |
68.30 |
+88% |
|
Etihad Atheeb |
51.51 |
93.70 |
+82% |
|
Saudi Paper |
44.35 |
76.10 |
+72% |
|
MEDGULF |
14.40 |
24.56 |
+71% |
|
CHUBB |
25.00 |
42.20 |
+69% |
|
Al Yamamah Steel |
24.74 |
41.05 |
+66% |
|
Saudi Chemical |
4.32 |
6.86 |
+59% |
|
East Pipes |
81.50 |
128.00 |
+57% |
|
Wataniya Insurance |
18.26 |
28.40 |
+56% |
|
Electrical Industries |
2.84 |
4.40 |
+55% |
|
Salama |
19.40 |
30.00 |
+55% |
|
Al Rajhi Takaful |
71.00 |
108.00 |
+52% |
|
SRMG |
171.40 |
259.20 |
+51% |
|
Savola Group |
37.45 |
56.30 |
+50% |
|
Gulf Union Alahlia |
16.24 |
24.10 |
+48% |
|
Shams |
0.60 |
0.88 |
+47% |
|
Al-Babtain |
27.50 |
40.10 |
+46% |
|
Almunajem |
73.70 |
107.20 |
+45% |
|
GIG |
26.30 |
38.00 |
+44% |
|
Sumou |
42.65 |
61.60 |
+44% |
* Stock price adjustments due to capital changes were factored in.
Rabigh Refining and Petrochemical Co.'s (Petro Rabigh) led losers, diving 27%, followed by Saudi Kayan Petrochemical Co. and Riyadh Cement Co. with (17%) each.
Meanwhile, shares of SABIC Agri-Nutrients Co.’s (SABIC AN), and Methanol Chemicals Co. (Chemanol) declined between 10% and 16%.
|
Top 10 Losers |
|||
|
Company |
2023 (SAR) |
Q1 2024 (SAR) |
Change (%) |
|
Petro Rabigh |
10.34 |
7.53 |
(27%) |
|
Saudi Kayan |
10.96 |
9.13 |
(17%) |
|
Riyadh Cement |
34.20 |
28.50 |
(17%) |
|
Chemanol |
20.20 |
16.92 |
(16%) |
|
ADES |
24.00 |
20.16 |
(16%) |
|
Maharah |
7.95 |
6.79 |
(15%) |
|
Yanbu Cement |
34.45 |
29.65 |
(14%) |
|
Umm Al Qura |
17.02 |
14.80 |
(13%) |
|
SABIC Agri-Nutrients |
138.20 |
121.00 |
(12%) |
|
Aldawaa |
105.80 |
93.10 |
(12%) |
*Price changes were taken into account due to capital changes
For stock performance, the market witnessed mixed performance in Q4 2023, as the shares of Saudi Arabian Oil Co. (Saudi Aramco), Al Rajhi Bank , and Saudi Basic Industries Corp. (SABIC) declined by rates ranging between 2 and 7%.
On the other hand, Saudi National Bank (SNB) shares rose by 4%, while Alinma Bank and Riyad Bank rose by 10% and 3%, respectively.
|
Top Performers |
|||
|
Company |
2023 (SAR) |
Q1 2024 (SAR) |
Change (%) |
|
Saudi Aramco |
33.00 |
30.85 |
(7%) |
|
Al Rajhi Bank |
86.50 |
82.30 |
(5%) |
|
SNB |
38.65 |
40.20 |
+4% |
|
SABIC |
83.50 |
78.30 |
(6%) |
|
ACWA Power |
257.00 |
327.00 |
+27% |
|
STC |
40.40 |
39.60 |
(2%) |
|
Alinma Bank |
38.65 |
42.55 |
+10% |
|
Riyad Bank |
28.50 |
29.40 |
+3% |
|
East Pipes |
37.90 |
40.00 |
+6% |
*Price changes were taken into account due to capital changes
Performance of newly listed companies:
Tadawul witnessed the listing of three companies in 2023 namely MBC Group Co., Middle East Pharmaceutical Industries Co. (Avalon Pharma) , and Modern Mills Co., all of which logged gains compared to the listing price.
|
Performance of listed companies in Q1 2024 |
||||
|
Company |
Listing Price |
Possible Trading Price (SAR)* |
Q1 2024 (SAR) |
Change** (%) |
|
MBC |
25.00 |
30.00 |
56.90 |
+90% |
|
Avalon Pharma |
82.00 |
98.40 |
146.40 |
+49% |
|
Modern Mills |
48.00 |
57.60 |
62.00 |
+8% |
* (Highest+lowest prices)/2 in the first trading session, allowing buy/sell of any volume
** Change compared to the possible trading price
Performance of REITs:
Units of 12 real estate investment trusts (REITs) declined in 2024, dragged by Derayah REIT Fund and Alinma Hospitality REIT Fund with 11% each.
MEanwhile, units of six REITs went up, led by Alinma Retail REIT Fund and SICO Saudi REIT Fund with 12% and 8%, respectively.
|
Performance of REITs in Q1 2024 |
|||
|
REIT |
2023 (SAR) |
Q1 2024 (SAR) |
Change |
|
Alinma Retail REIT |
4.69 |
5.25 |
+12% |
|
SICO Saudi REIT |
4.55 |
4.92 |
+8% |
|
AlJazira REIT |
16.86 |
18.12 |
+7% |
|
Alkhabeer REIT |
6.16 |
6.47 |
+5% |
|
Jadwa REIT Al Haramain |
6.51 |
6.76 |
+4% |
|
Mulkia REIT |
6.05 |
6.08 |
+1% |
|
MEFIC REIT |
4.94 |
4.92 |
(0.4%) |
|
Al Rajhi REIT |
8.88 |
8.74 |
(2%) |
|
Bonyan REIT |
9.8 |
9.62 |
(2%) |
|
Taleem REIT |
11.32 |
11.08 |
(2%) |
Close-ended traded funds:
The units of Alkhabeer Growth and Income Traded Fund recorded an increase of 1% in Q1, 2024, while units Alkhabeer Diversified Income Traded Fund recorded a decline of 5%, as shown below:
|
Performance of Close-Ended Traded Funds (SAR) |
|||
|
Fund |
2023 |
Q1 2024 |
Change |
|
Alkhabeer Growth and Income Traded Fund |
8.85 |
8.97 |
+1% |
|
Alkhabeer Diversified Income Traded Fund |
7.10 |
6.78 |
(5%) |
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