TASI ends 2024 above 12,000 points, hits 19-year high

31/12/2024 Argaam Special
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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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