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TASI retreats 7.2% in Q2 2025
AI Summary
Content Summary: 
Tadawul trading screen
The Saudi stock market index (TASI) ended Q2 2025 with a decline of around 861 points, or 7.2%, closing at 11,164 points, compared to its closing level of 12,025 points at the end of Q1 2025.
Accordingly, TASI recorded a decline of 7.3% (approximately 873 points) during the first half of 2025, having previously dropped by about 11 points in Q1.
Q2 2025 witnessed several key developments, including:
- The US continued to impose tariffs on several countries, primarily China and Europe, as the trade war persisted. In response, some countries introduced similar measures, while others began reaching mutual understanding with the US.
- The war between Iran and Israel came to an end with a ceasefire agreement.
- Saudi Arabia announced its actual budget for Q1 2025, reporting revenues of SAR 263.6 billion and expenditures of SAR 322.3 billion, resulting in a budget deficit of SAR 58.7 billion.
- The Saudi Central Bank’s (SAMA) assets surpassed the SAR 2 trillion threshold for the first time in three years.
- Details were announced regarding amendments to the White Land Tax Law, which now includes vacant properties and raises the annual tax rate to 10%, along with a change in the name of the law.
- Companies disclosed their financial results for Q1 2025.
- The US Federal Reserve held interest rates steady for the fourth consecutive time on Wednesday, after having cut rates by 100 basis points over the last three meetings of the previous year.
|
TASI Quarterly Performance Since 2010 |
|||
|
Year |
Open (points) |
Close (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 |
11967 |
12402 |
+3.6% |
|
Q2 |
12402 |
11680 |
(5.8%) |
|
Q3 |
11680 |
12226 |
+4.7% |
|
Q4 |
12226 |
12037 |
(1.5%) |
|
2025 |
|||
|
Q1 |
12037 |
12025 |
(0.1%) |
|
Q2 |
12025 |
11164 |
(7.2%) |
Monthly performance:
TASI declined in four months during the first half of 2025, led by May with a 5.8% drop, while it rose in January and June, as shown in the table below:
|
TASI Monthly Performance in H1 2025 |
|||
|
Month |
Closing (Point) |
Change (Point) |
Change (%) |
|
January |
12415 |
+378 |
+3.1% |
|
February |
12112 |
(303) |
(2.4%) |
|
March |
12025 |
(87) |
(0.7%) |
|
April |
11672 |
(353) |
(2.9 %) |
|
May |
10990 |
(682) |
(5.8 %) |
|
June |
11164 |
+174 |
+1.6% |
Sector Performance:
Seventeen market sectors closed out the first half in the red territory, while five ended in the green.
Utilities led losing sectors, shedding 32%. Media and entertainment as well as financial services fell by 30% and 18%, respectively. In addition, the energy sector retreated 13% in H1 2025.
On the positive side, telecommunication services added 7% in the six-month period. The household and personal products sector gained 1.5%. The banking sector recorded a slight uptick.
|
Performance by Sector in H1 2025 |
||||
|
Sector |
2024 |
H1 2025 |
Change (pts) |
Change (%) |
|
Energy |
5300 |
4618 |
(682) |
(13%) |
|
Basic Materials |
5568 |
5138 |
(430) |
(8%) |
|
Capital Goods |
15171 |
15075 |
(96) |
(1%) |
|
Commercial & Professional Services |
4900 |
4730 |
(170) |
(3%) |
|
Transportation |
7068 |
5967 |
(1101) |
(16%) |
|
Consumer Durables & Apparel |
5413 |
5107 |
(306) |
(6%) |
|
Consumer Services |
4847 |
4368 |
(479) |
(10%) |
|
Media and Entertainment |
31920 |
22480 |
(9440) |
(30%) |
|
Consumer Discretionary Distribution & Retail |
7523 |
7548 |
25+ |
+0.3% |
|
Consumer Staples Distribution & Retail |
8368 |
7780 |
(588) |
(7%) |
|
Food & Beverages |
6013 |
5136 |
(877) |
(15%) |
|
Household & Personal Products |
5041 |
5114 |
+ 73 |
+1.5 % |
|
Healthcare Equipment & Services |
11754 |
10811 |
(943) |
(8%) |
|
Pharma, Biotech & Life Science |
4957 |
4935 |
(22) |
(0.4%) |
|
Financial Services |
7733 |
6367 |
(1366) |
(18%) |
|
Software & Services |
81623 |
73344 |
(8279) |
(10%) |
|
Real Estate Management & Development |
3675 |
3691 |
16+ |
+0.4% |
|
Insurance |
10622 |
9619 |
(1003) |
(9%) |
|
REITs |
3173 |
2982 |
(191) |
(6%) |
|
Banks |
12263 |
12270 |
7+ |
+0.1% |
|
Telecommunication Services |
7867 |
8445 |
578+ |
+7% |
|
Utilities |
13777 |
9364 |
(4413) |
(32%) |
|
Market |
12037 |
11164 |
(873) |
(7%) |
Index performance
TASI hit its highest level in H1 2025 at 12,536 points on Jan. 29 and recorded its highest close on Feb. 10 at 12,472 points.
On the other hand, it fell to its lowest level of 10,429 on June 15 and marked its lowest close of 10,574 points on June 22.
The highest traded value was recorded on April 7 at SAR 10.56 billion.
Meanwhile, March 23 recorded the lowest traded value at SAR 2.64 billion.
TASI Performance in H1 2025
|
Period |
Performance |
Date |
Notes |
|
Highest (points) |
12536 |
Jan. 29 |
-- |
|
Lowest (points) |
10429 |
June 15 |
Lowest level since October 2023 |
|
Highest close (points) |
12472 |
Feb. 10 |
Highest close since April 2024 |
|
Lowest close (points) |
10574 |
June 22 |
Lowest close since Oct. 2023 |
|
Highest traded value (SAR bln) |
10.56 |
April 7 |
Highest since December 2024 |
|
Lowest traded value (SAR bln) |
2.64 |
March 23 |
-- |
TASI headed south in 62 sessions out of 120 trading sessions in H1 2025, with the steepest drops on April 6 by 6.8% (805 points) and April 9 (206 points).
|
Sessions of Biggest Loss in H1 2025 |
||||
|
Session |
Open (points) |
Close (points) |
Change (points) |
Change (%) |
|
April 6 |
11,883 |
11,077 |
(805) |
(6.8%) |
|
April 9 |
11,303 |
11,097 |
(206) |
(1.8%) |
|
March 4 |
12,124 |
11,932 |
(192) |
(1.6%) |
|
May 25 |
11,189 |
11,000 |
(189) |
(1.7%) |
|
June 1 |
10,990 |
10,825 |
(165) |
(1.5%) |
|
June 12 |
11,005 |
10,841 |
(164) |
(1.5%) |
|
June 17 |
10,867 |
10,714 |
(153) |
(1.4%) |
|
May 27 |
11,076 |
10,925 |
(151) |
(1.4%) |
|
April 3 |
12,025 |
11,883 |
(142) |
(1.2%) |
|
May 21 |
11,438 |
11,304 |
(135) |
(1.2%) |
The Saudi benchmark index rose in 58 trading sessions in the first half of 2025.
The biggest gain of 3.7% (406 points) was recorded on April 10, followed by 264 points on March 26.
|
Sessions of Highest Gain in H1 2025 |
||||
|
Session |
Open (points) |
Close (points) |
Change (points) |
Change (%) |
|
April 10 |
11,097 |
11,503 |
+406 |
+3.7% |
|
March 26 |
11,706 |
11,970 |
+264 |
+2.3% |
|
June 24 |
10,710 |
10,964 |
+254 |
+2.4% |
|
April 4 |
10,832 |
11,005 |
+172 |
+1.6% |
|
May 12 |
11,347 |
11,489 |
+142 |
+1.3% |
|
June 23 |
10,574 |
10,710 |
+136 |
+1.3% |
|
June 16 |
10,732 |
10,867 |
+135 |
+1.3% |
|
June 29 |
11,068 |
11,203 |
+134 |
+1.2% |
|
March 16 |
11,726 |
11,854 |
+128 |
+1.1% |
|
May 28 |
10,925 |
11,053 |
+128 |
+1.2% |
Trading value:
Total trading value decreased by 33% to SAR 688.1 billion in H1 2025, compared to SAR 1.023 trillion in H1 2024.
January saw the highest trading value at about SAR 140.94 billion, as shown in the following table:
|
Trading Value during H1 2025 (SAR bln) |
||||
|
Month |
2024 |
H1 2025 |
Daily Average |
Change (%) |
|
January |
195.94 |
140.94 |
6.41 |
(28%) |
|
February |
185.97 |
113.12 |
5.95 |
(39%) |
|
March |
193.97 |
108.53 |
5.43 |
(44%) |
|
April |
134.57 |
125.96 |
6.30 |
(6%) |
|
May |
142.57 |
103.89 |
4.95 |
(27%) |
|
June |
170.34 |
95.66 |
5.31 |
(44%) |
|
Total |
1023.37 |
688.09 |
5.73 |
(33%) |
The number of transactions declined 7% year-on-year (YoY) to 59.7 million in H1 2025.
April recorded the highest number of executed transactions, with approximately 12.05 million, as shown in the table below:
|
Transactions in H1 2025 (mln) |
|||
|
Month |
2024 |
H1 2025 |
Change (%) |
|
January |
11.87 |
10.52 |
(11%) |
|
February |
11.11 |
8.19 |
(26%) |
|
March |
12.03 |
9.61 |
(20%) |
|
April |
9.17 |
12.05 |
+31% |
|
May |
10.81 |
10.08 |
(7%) |
|
June |
9.16 |
9.28 |
+1% |
|
Total |
64.15 |
59.73 |
(7%) |
Stocks’ performance:
A total of 188 companies closed on a negative note during the first half of 2025, led by Gulf General Cooperative Insurance with a 41% drop, followed by Fakeeh Care Group with 39%, and Anaam Holding with 38%.
The list also included shares of ACWA Power, Saudi Kayan, Arabian Drilling, Chemanol, SRMG, and MBC Group, with declines ranging between 26% and 36%.
|
Top 10 Losers* |
|||
|
Company |
2024 (SAR) |
H1 2025 (SAR) |
Change (%) |
|
Gulf General |
10.38 |
6.08 |
(41%) |
|
Fakeeh Care |
67.00 |
40.68 |
(39%) |
|
Anaam Holding |
26.40 |
16.41 |
(38%) |
|
ACWA Power |
401.40 |
256.00 |
(36%) |
|
BATIC |
3.66 |
2.34 |
(36%) |
|
Raydan |
21.80 |
14.08 |
(35%) |
|
Banan |
7.09 |
4.83 |
(32%) |
|
MBC Group |
52.30 |
35.70 |
(32%) |
|
SAPTCO |
20.44 |
14.12 |
(31%) |
|
Leejam Sports |
185.40 |
129.60 |
(30%) |
Top Gainers:
A total of 40 companies recorded gains during H1 2025, led by Cenomi Retail with an 86% increase, followed by Saudi Cable Co. with a 46% rise, and Al-Babtain with a 40% gain.
|
Top 10 Gainers* |
|||
|
Company |
2024 (SAR) |
H1 2025 (SAR) |
Change (%) |
|
Cenomi Retail |
13.22 |
24.62 |
+86% |
|
Saudi Cable |
101.00 |
147.00 |
+46% |
|
Al-Babtain |
39.00 |
54.75 |
+40% |
|
Zamil Industrial |
32.35 |
44.10 |
+36% |
|
Al Mawarid |
105.40 |
138.50 |
+31% |
|
Dar Al Arkan |
15.10 |
19.20 |
+27% |
|
Abo Moati |
31.00 |
39.20 |
+26% |
|
Bahri |
20.92 |
24.48 |
+17% |
|
Electrical Industries |
7.24 |
8.41 |
+16% |
|
Jamjoom Pharma |
152.20 |
173.20 |
+14% |
*Stock price adjustments due to factoring in capital changes
Blue chips performance:
Blue chips showed mixed performance. Saudi Aramco shares declined by 13%, while shares of Bank Albilad and SABIC dropped by 19% and 18%, respectively.
On the other hand, Saudi National Bank (SNB) rose by 8%, Maaden gained 7%, and stc increased by 6%. Al Rajhi Bank’s share price remained unchanged.
ACWA Power Co. was the top loser among blue chip stocks, slumping 36%, while Dar Al Arkan led the gainers with a 27% increase.
|
Top Performers* |
|||
|
Company |
2023 (SAR) |
9M 2024 (SAR) |
Change (%) |
|
Al Rajhi Bank |
94.60 |
94.60 |
-- |
|
Saudi Aramco |
28.05 |
24.32 |
(13%) |
|
SNB |
33.40 |
36.12 |
+8% |
|
ACWA Power |
401.40 |
256.00 |
(36%) |
|
stc |
40.00 |
42.54 |
+6% |
|
Maaden |
50.30 |
53.60 |
+7% |
|
Alinma Bank |
28.95 |
26.82 |
(7%) |
|
Riyad Bank |
28.60 |
28.74 |
+0.5% |
|
Dr. Sulaiman Al Habib |
280.40 |
271.20 |
(3%) |
|
Almarai |
57.20 |
50.70 |
(11%) |
|
SABIC |
67.00 |
54.65 |
(18%) |
|
Alawwal Bank |
33.65 |
33.70 |
+0.2% |
|
Bupa Arabia |
15.84 |
17.86 |
+13% |
|
Mobily |
53.40 |
59.30 |
+11% |
|
Bank Albilad |
32.54 |
26.32 |
(19%) |
|
Elm |
1115.00 |
1001.50 |
(10%) |
|
ANB |
21.08 |
21.72 |
+3% |
|
SABIC Agri-Nutrients |
111.00 |
107.20 |
(3%) |
|
Jabal Omar |
20.56 |
20.12 |
(2%) |
|
Dar Al Arkan |
15.10 |
19.20 |
+27% |
*Price changes were considered due to capital changes.
Performance of newly listed companies:
A total of eight companies were listed on Tadawul during H1 2025, including Almoosa Health, Derayah Financial, Entaj, Massar, Nice One, United Cooperative Assurance Co. (UCIC), Flynas, and SMC.
|
Performance of companies listed in H1 2025 |
||||
|
Company |
Listing Price |
Possible Trading Price (SAR)* |
H1 2025 (SAR) |
Change** (%) |
|
Al Mousa Health |
127.00 |
152.30 |
162.20 |
+7% |
|
Nice One |
35.00 |
42.00 |
33.04 |
(21%) |
|
Derayah Financial |
30.00 |
36.00 |
27.10 |
(25%) |
|
Entaj |
50.00 |
60.00 |
43.72 |
(27%) |
|
Massar |
15.00 |
18.00 |
24.92 |
+38% |
|
UCIC |
50.00 |
51.55 |
37.40 |
(27%) |
|
Flynas |
80.00 |
77.00 |
82.20 |
+7% |
|
SMC Healthcare |
25.00 |
24.56 |
22.94 |
(7%) |
**Change compared to the reference trading price.
Performance of REITs:
Listed real estate investment traded funds (REITs) showed varied performance during H1 2025, as shown in the table below:
|
Fund |
2024 (SAR) |
H1 2025 (SAR) |
Change (%) |
|
Riyad REIT |
6.80 |
5.38 |
(21%) |
|
SEDCO Capital REIT |
8.39 |
7.00 |
(17%) |
|
Mulkia REIT |
5.44 |
4.81 |
(12%) |
|
Jadwa REIT Al Haramain |
5.95 |
5.27 |
(11%) |
|
Musharaka REIT |
4.72 |
4.20 |
(11%) |
|
MEFIC REIT |
4.06 |
3.74 |
(8%) |
|
Bonyan REIT |
9.83 |
9.11 |
(7%) |
|
Taleem REIT |
10.24 |
9.58 |
(6%) |
|
Aljazira REIT |
15.04 |
14.10 |
(6%) |
|
Derayah REIT |
5.91 |
5.57 |
(6%) |
|
Al Maather REIT |
9.48 |
9.01 |
(5%) |
|
Alinma Retail REIT |
4.73 |
4.61 |
(3%) |
|
AlAhli REIT (1) |
7.08 |
6.91 |
(2%) |
|
Alinma Hospitality REIT |
8.40 |
8.35 |
(1%) |
|
Al Rajhi REIT |
8.36 |
8.32 |
(0.5%) |
|
Alistithmar REIT |
8.34 |
8.33 |
(0.1%) |
|
Jadwa Saudi REIT |
10.08 |
10.10 |
+0.2% |
|
Alkhabeer REIT |
5.70 |
5.77 |
+1% |
|
SICO Saudi REIT |
3.96 |
4.26 |
+8% |
Units of Alkhabeer Income Fund 2030 and Alkhabeer Growth & Income Fund recorded gains of 3% and 14%, respectively, during H1 2025.
In contrast, units of SEDCO Capital Multi-Asset Fund and Alkhabeer Income Fund declined by 4% and 9%, respectively, as shown in the table below:
|
Performance of Closed-End Investment Funds – H1 2025 |
|||
|
Fund |
2024 (SAR) |
H1 2025 (SAR) |
Change (%) |
|
Alkhabeer Income Fund |
6.46 |
5.91 |
(9%) |
|
SEDCO Multi-Asset Fund |
6.52 |
6.23 |
(4%) |
|
Alkhabeer Income Fund 2030 |
7.40 |
7.59 |
+3% |
|
Alkhabeer Growth & Income Fund |
8.43 |
9.57 |
+14% |
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