Saudi Arabia’s benchmark Tadawul All Share Index (TASI) declined 5.8%, or 722 points, to close the second quarter of 2024 at 11,680 points on June 30, compared to 12,402 points in Q1.
The Saudi market index recorded a 2.4%, or 287 points, decline in H1 2024 after it ended Q1 with an increase of 3.6%, or 435 points.
Key events in Q2 2024
Saudi Aramco announced secondary offering to sell 1.54 billion shares on TASI, representing nearly 0.64% of the company's issued shares.
Five companies listed on TASI this quarter, including Miahona Co., Rasan Information Technology Co., Al Taiseer Group Talco Industrial Co. (TALCO), Saudi Manpower Solutions Co. (SMASCO) and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care).
Interest rates held stable between 5.25% and 5.50% for the fourth time since the beginning of this year, with expectations of a reduction in 2024.
OPEC+ agreed to extend its oil output cuts from Jan. 1, 2025, to Dec. 31, 2025.
Oil prices ranged between $76 and $92 per barrel in Q2 2024.
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% |
|
Q2 2024 |
12402 |
11680 |
(5.8%) |
Monthly performance:
TASI recorded a decline in H1 2024 over 4 months, led by a 7.2% drop in May, while it rose during the months of February and June by 7.1% and 1.5%, respectively.
|
TASI Monthly Performance in 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% |
Market Sectors’ Performance
As many as nine of the market sectors ended H1 2024 in the red, while 12 ended in the green territory.
Energy came the least performing sector, falling 15%. It was followed by retail and luxury goods (13%) and then basic materials (10%) and banks (6%). Conversely, energy led the declining sectors, down 6%.
On the other hand, the insurance, capital goods, public utilities, and transportation sectors increased ranging between 24% and 29%, as shown below:
|
Performance by Sector in H1 2024 |
||||
|
Sector |
2023 |
H1 2024 |
Change (pts) |
Change (%) |
|
Energy |
6218 |
5277 |
(941) |
(15%) |
|
Materials |
6352 |
5747 |
(605) |
(10%) |
|
Capital Goods |
9929 |
12565 |
+2636 |
+27% |
|
Commercial & Professional Services |
5559 |
5114 |
(445) |
(8%) |
|
Transportation |
6339 |
7836 |
+1497 |
+24% |
|
Consumer Durables |
5024 |
5351 |
+327 |
+7% |
|
Consumer Services |
4940 |
5148 |
+208 |
+4% |
|
Media and Entertainment |
24526 |
27634 |
+3108 |
+13% |
|
Retailing |
8526 |
7401 |
(1125) |
(13%) |
|
Consumer Staples Distribution & Retail |
9678 |
9235 |
(443) |
(5%) |
|
Food and beverages |
5608 |
6028 |
+420 |
+7% |
|
Healthcare |
12026 |
12980 |
+954 |
+8% |
|
Pharma |
4857 |
4714 |
(143) |
(3%) |
|
Financial Services |
6650 |
7770 |
+1120 |
+17% |
|
Software & Services |
68579 |
69976 |
+1397 |
+2% |
|
Real Estate Management |
3049 |
3329 |
+280 |
+9% |
|
Insurance |
8472 |
10939 |
+2467 |
+29% |
|
REITs |
3668 |
3239 |
(429) |
(12%) |
|
Banks |
12201 |
11498 |
(703) |
(6%) |
|
Telecom |
7720 |
7572 |
(148) |
(2%) |
|
Utilities |
9938 |
12480 |
+2542 |
+26% |
|
Market |
11967 |
11680 |
(287) |
(2%) |
Index Performance
TASI hit its highest level in H1 2024 at 12,883 points on March 24. It also reached its highest close on March 21 at 12,836 points.
On the other hand, it reached its lowest level of 11,444 on June 2, and its lowest close of 11,499 points on May 26 at SAR 4.37 billion.
The highest daily traded volume came on June 9 at 1.96 billion shares.
|
TASI performance in H1 2024 |
|||
|
Period |
Performance |
Date |
Notes |
|
Highest (points) |
12883 |
March 24 |
-- |
|
Lowest (points) |
11444 |
June 2 |
-- |
|
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 sees negotiated deals worth SAR 42.1B on nearly 1.55 billion shares |
|
Lowest traded value (SAR bln) |
4.37 |
May 26 |
-- |
|
Highest traded shares |
1.96 |
June 9 |
Saudi Aramco sees negotiated deals worth SAR 42.1B on nearly 1.55 billion shares |
The Saudi benchmark index headed north in 62 out of 119 trading sessions in H1 2024.
The biggest gain of 2.5%, or 295 points, was recorded on June 9, followed by 231 points on June 23.
|
Sessions of biggest gain in H1 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% |
|
April 3 |
12477 |
12622 |
+146 |
+1.2% |
|
Jan. 7 |
12145 |
12285 |
+140 |
+1.2% |
|
April 29 |
12232 |
12369 |
+138 |
+1.1% |
|
June 2 |
11503 |
11625 |
+122 |
+1.1% |
|
Feb. 1 |
11797 |
11914 |
+118 |
+1.0% |
|
Feb. 13 |
12296 |
12405 |
+109 |
+0.9% |
TASI fell in 55 of the total H1 2024 sessions, with the biggest drops on Jan. 30 at 267 points or 2.2% and April 16 at 208 points or 1.6%.
|
Sessions of biggest loss in H1 2024 |
||||
|
Session |
Open (points) |
Close (points) |
Change (points) |
Change (%) |
|
January 30 |
12253 |
11986 |
(267) |
(2.2%) |
|
April 16 |
12708 |
12500 |
(208) |
(1.6%) |
|
June 4 |
11808 |
11612 |
(196) |
(1.7%) |
|
January 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%) |
|
May 28 |
11831 |
11660 |
(171) |
(1.4%) |
|
March 31 |
12566 |
12402 |
(164) |
(1.3%) |
|
May 23 |
12157 |
11996 |
(161) |
(1.3%) |
Trading value:
Total trading value rose by 72% in the six-month period to SAR 1.02 trillion, from SAR 594.73 billion a year earlier.
|
Trading Value (SAR bln) |
||||
|
Month |
H1 2023 |
H1 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% |
|
Total |
594.73 |
1023.37 |
8.60 |
+72% |
The number of transactions increased by 54% year-on-year (YoY) to 64.15 million, with March recording the highest number of transactions at 12.03 million.
|
Transactions in H1 2024 (mln) |
|||
|
Month |
H1 2023 |
H1 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% |
|
Total |
41.68 |
64.15 |
+54% |
Stock performance:
For stock performance, 100 stocks closed H1 2024 lower, compared to 2023, while 111 stocks ended in the green.
Saudi Chemical Co. Holding (SCCH) and Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) were the best performers, soaring 161%, followed by Electrical Industries Co. (119%).
Meanwhile, Saudi Logistics Services Co.’s (SAL), Etihad Atheeb Telecommunication Co. (GO) and East Pipes Integrated Company for Industry recorded gains ranging between 62% and 98%, as follows:
|
Top Performers* |
|||
|
Company |
2023 (SAR) |
H1 2024 (SAR) |
Change (%) |
|
Saudi Chemical |
4.32 |
11.28 |
+161% |
|
Al Rajhi Takaful |
71.00 |
185.00 |
+161% |
|
Electrical Industries |
2.84 |
6.22 |
+119% |
|
East Pipes |
81.50 |
161.00 |
+98% |
|
MEDGULF |
14.40 |
27.20 |
+89% |
|
Saudi Paper |
40.32 |
75.00 |
+86% |
|
Saudi Pipe |
36.30 |
65.20 |
+80% |
|
GO |
51.51 |
89.00 |
+80% |
|
Taiba |
26.75 |
44.90 |
+73% |
|
Wataniya Insurance |
18.26 |
30.60 |
+68% |
|
SAL |
194.40 |
314.60 |
+62% |
|
SAIC |
28.65 |
43.70 |
+53% |
|
Walaa |
18.96 |
28.90 |
+52% |
|
Batic |
2.12 |
3.21 |
+51% |
|
Saudi Re |
18.60 |
27.85 |
+50% |
|
Arabian Pipes |
127.60 |
186.40 |
+46% |
|
Al Yamamah Steel |
24.74 |
35.95 |
+45% |
|
SGS |
36.15 |
52.20 |
+44% |
|
Almunajem |
73.70 |
104.80 |
+42% |
|
Al-Babtain |
27.50 |
39.05 |
+42% |
Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) led losers, diving 53%, followed by Rabigh Refining and Petrochemical Co.'s (Petro Rabigh) that fell 35%.
Meanwhile, shares of Arabian Drilling Co. and Saudi Kayan Petrochemical Co. declined by 30% and 26%, respectively.
|
Top 10 Losers* |
|||
|
Company |
2023 (SAR) |
H1 2024 (SAR) |
Change (%) |
|
Cenomi Retail |
17.62 |
8.20 |
(53%) |
|
Petro Rabigh |
10.34 |
6.70 |
(35%) |
|
Arabian Drilling |
191.00 |
134.40 |
(30%) |
|
Saudi Kayan |
10.96 |
8.07 |
(26%) |
|
Riyadh Cement |
34.20 |
25.40 |
(26%) |
|
SIDC |
11.36 |
8.48 |
(25%) |
|
Chemanol |
20.20 |
15.12 |
(25%) |
|
Maharah |
7.95 |
6.03 |
(24%) |
|
Al Hammadi |
59.40 |
45.15 |
(24%) |
|
SPIMACO |
37.80 |
29.45 |
(22%) |
*Stock price adjustments due to capital changes were factored in.
For stock performance, the market witnessed mixed performance in H1 2024, as the shares of Saudi Arabian Oil Co. (Saudi Aramco), Al Rajhi Bank , Saudi Basic Industries Corp. (SABIC) and stc Group declined by rates ranging between 6% and 15%.
On the other hand, ACWA Power Co. shares rose by 37%, while shares of SABIC Agri-Nutrients Co.'s (SABIC AN) declined most at 16%.
|
Top Performers* |
|||
|
Company |
2023 (SAR) |
H1 2024 (SAR) |
Change (%) |
|
Saudi Aramco |
33.00 |
27.90 |
(15%) |
|
Al Rajhi Bank |
86.50 |
80.00 |
(8%) |
|
SNB |
38.65 |
36.25 |
(6%) |
|
ACWA Power |
256.49 |
352.00 |
+37% |
|
Alinma Bank |
30.92 |
31.10 |
+1% |
|
stc |
40.40 |
38.10 |
(6%) |
|
SABIC |
83.50 |
73.80 |
(12%) |
|
Sulaiman Al Habib |
284.00 |
287.00 |
+1% |
|
Riyad Bank |
28.50 |
25.70 |
(10%) |
|
Maaden |
48.55 |
42.50 |
(12%) |
Performance of newly listed companies:
Tadawul witnessed the listing of eight companies in H1 2024, recording mixed performance compared to the listing price.
Shares of Miahona logged the highest gains at 106%, followed by Rasan at 53%.
On the other hand, Modern Mills for Food Products Co. (Modern Mills) fell the most by 13%, as shown below:
|
Performance of companies listed in H1 2024 |
||||
|
Company |
Listing Price |
Possible Trading Price (SAR)* |
Q1 2024 (SAR) |
Change** (%) |
|
Miahona |
11.50 |
13.79 |
28.45 |
+106% |
|
Rasan |
37.00 |
44.40 |
68.00 |
+53% |
|
MBC |
25.00 |
30.00 |
43.00 |
+43% |
|
Avalon Pharma |
82.00 |
98.40 |
131.60 |
+34% |
|
TALCO |
43.00 |
51.15 |
57.60 |
+13% |
|
SMASCO |
7.50 |
9.00 |
8.80 |
(2%) |
|
Fakeeh Care |
57.50 |
63.60 |
60.80 |
(4%) |
|
Modern Mills |
48.00 |
57.60 |
49.95 |
(13%) |
** Change compared to the possible trading price
Performance of REITs:
Units of most real estate investment trusts (REITs) declined in H1 2024, dragged by Riyad REIT Fund, Derayah REIT Fund and Musharaka REIT Fund with loses by 25%, 24% and 17%, respectively.
However, units of Alkhabeer REIT Fund and Alinma Retail REIT Fund increased by 1% and 6%, respectively.
|
Performance of REITs in H1 2024 |
|||
|
REIT |
2023 (SAR) |
H1 2024 (SAR) |
Change |
|
Riyad REIT |
8.86 |
6.67 |
(25%) |
|
Derayah REIT |
8.25 |
6.27 |
(24%) |
|
Musharaka REIT |
5.79 |
4.81 |
(17%) |
|
Jadwa REIT Saudi |
13.40 |
11.24 |
(16%) |
|
SEDCO Capital REIT |
9.12 |
7.69 |
(16%) |
|
Al Ahli REIT (1) |
9.05 |
7.69 |
(15%) |
|
Alinma Hospitality REIT |
9.69 |
8.42 |
(13%) |
|
MEFIC REIT |
4.94 |
4.48 |
(9%) |
|
SICO Saudi REIT |
4.55 |
4.19 |
(8%) |
|
Al Rajhi REIT |
8.88 |
8.18 |
(8%) |
Close-ended traded funds:
The units of Alkhabeer Growth and Income Traded Fund, and, Alkhabeer Diversified Income Traded Fund recorded a decline of 3% and 0.5%, respectively, in H1, 2024, as shown below:
|
Performance of Close-Ended Traded Funds (SAR) |
|||
|
Fund |
2023 (SAR) |
H1 2024 |
Change |
|
Alkhabeer Growth and Income Traded Fund |
7.10 |
6.91 |
(3%) |
|
Alkhabeer Diversified Income Traded Fund |
8.85 |
8.81 |
(0.5%) |
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