TASI leaps 3% in Q3 2025
Tadawul trading screen
Saudi Arabia’s Tadawul All Share Index (TASI) ended Q3 2025 with a leap of around 339 points, or 3%, closing at 11,503 points, compared to 11,164 points at the end of Q2 2025.
TASI had recorded a slight decline of 11 points during the first quarter, followed by a drop of around 7.2%, or 861 points, in the second quarter. However, the market’s third-quarter rebound helped trim year-to-date losses, with the index ending the first nine months of 2025 down by approximately 4.4%, or 534 points, compared to its closing level of 12,037 points at the end of last year.
The market’s Q3 gains came during its final session, after Bloomberg reported, citing a member of the Capital Market Authority’s (CMA) board of directors, that the authority is nearing approval of a major amendment to raise the foreign ownership cap in listed companies, currently set at 49%. Following the report, the index recorded gains of nearly 630 points.
Q3 2025 witnessed several key developments, including the US Federal Reserve’s decision to cut interest rates by 25 basis points, while signaling two additional cuts later this year. Following the move, the Saudi Central Bank (SAMA) announced a matching cut to its repo and reverse repo rates.
The third quarter of the year also saw the issuance of several key decisions and regulations affecting the Saudi real estate sector, including the implementation of the new White Land Fees system, a five-year freeze on residential and commercial rent hikes in Riyadh, and an updated law governing property ownership by non-Saudis.
During the same period, three companies listed on TASI, namely, Al Al Majdiah, Marketing Home, and Sport Clubs. Several other companies also received CMA approval to proceed with public offerings.
In the oil markets, the third quarter witnessed an agreement by eight OPEC+ members to raise oil production by 137,000 barrels per day in October. Brent crude prices fluctuated between $63 and $72 per barrel, but remained mostly below the $70-mark throughout the quarter.
The Saudi Ministry of Finance announced on Sept. 30 the preliminary budget for 2026, forecasting revenues of SAR 1.147 trillion and expenditures of SAR 1.313 trillion, resulting in a projected deficit of SAR 166 billion. For the current year, the ministry expects revenues of SAR 1.091 trillion and expenditures of SAR 1.336 trillion, leading to an estimated deficit of SAR 245 billion.
TASI Quarterly Performance Since 2010 |
|||
Year |
Open (points) |
Close (points) |
Change (points) |
2010 |
|||
Q1 |
6,122 |
6,801 |
+11.1% |
Q2 |
6,801 |
6,094 |
(10.4%) |
Q3 |
6,094 |
6,392 |
+4.9% |
Q4 |
6,392 |
6,621 |
+3.6% |
2011 |
|||
Q1 |
6,621 |
6,563 |
(0.9 (% |
Q2 |
6,563 |
6,576 |
+0.2% |
Q3 |
6,576 |
6,112 |
)7.1%) |
Q4 |
6,112 |
6,418 |
+5.0% |
2012 |
|||
Q1 |
6,418 |
7,835 |
+22.1% |
Q2 |
7,835 |
6,710 |
(14.4%) |
Q3 |
6,710 |
6,840 |
+1.9% |
Q4 |
6,840 |
6,801 |
(0.6%) |
2013 |
|||
Q1 |
6,801 |
7,126 |
+4.8% |
Q2 |
7,126 |
7,497 |
+5.2% |
Q3 |
7,497 |
7,965 |
+6.2% |
Q4 |
7,965 |
8,536 |
+7.2% |
2014 |
|||
Q1 |
8,536 |
9,474 |
+11.0% |
Q2 |
9,474 |
9,513 |
+0.4% |
Q3 |
9,513 |
10,855 |
+14.1% |
Q4 |
10,855 |
8,333 |
(23.2%) |
2015 |
|||
Q1 |
8,333 |
8,779 |
+5.3% |
Q2 |
8,779 |
9,087 |
+3.5% |
Q3 |
9,087 |
7,404 |
(18.5%) |
Q4 |
7,404 |
6,912 |
(6.7%) |
2016 |
|||
Q1 |
6,912 |
6,223 |
(10.0%) |
Q2 |
6,223 |
6,500 |
+4.4% |
Q3 |
6,500 |
5,623 |
(13.5%) |
Q4 |
5,623 |
7,210 |
+28.2% |
2017 |
|||
Q1 |
7,210 |
7,002 |
(2.9%) |
Q2 |
7,002 |
7,426 |
+6.1% |
Q3 |
7,426 |
7,283 |
(1.9%) |
Q4 |
7,283 |
7,226 |
(0.8% ( |
2018 |
|||
Q1 |
7,226 |
7,871 |
+8.9% |
Q2 |
7,871 |
8,314 |
+5.6% |
Q3 |
8,314 |
8,000 |
(3.8%) |
Q4 |
8,000 |
7,827 |
(2.2%) |
2019 |
|||
Q1 |
7,827 |
8,819 |
+12.7% |
Q2 |
8,819 |
8,822 |
+0.03% |
Q3 |
8,822 |
8,092 |
(8.3%) |
Q4 |
8,092 |
8,389 |
+3.7% |
2020 |
|||
Q1 |
8,389 |
6,505 |
(22.5%) |
Q2 |
6,505 |
7,224 |
+11.0% |
Q3 |
7,224 |
8,299 |
+14.9% |
Q4 |
8,299 |
8,690 |
+4.7% |
2021 |
|||
Q1 |
8,690 |
9,908 |
+14.0% |
Q2 |
9,908 |
10,984 |
+10.9% |
Q3 |
10,984 |
11,496 |
+4.7% |
Q4 |
11,496 |
11,282 |
(1.9%) |
2022 |
|||
Q1 |
11,282 |
13,090 |
+16.0% |
Q2 |
13,090 |
11,523 |
(12.0%) |
Q3 |
11,523 |
11,405 |
(1.0%) |
Q4 |
11,405 |
10,478 |
(8.1%) |
2023 |
|||
Q1 |
10,478 |
10,590 |
+1.1% |
Q2 |
10,590 |
11,459 |
+8.2% |
Q3 |
11,459 |
11,056 |
(3.5%) |
Q4 |
11,056 |
11,967 |
+8.2% |
2024 |
|||
Q1 |
11,967 |
12,402 |
+3.6% |
Q2 |
12,402 |
11,680 |
(5.8%) |
Q3 |
11,680 |
12,226 |
+4.7% |
Q4 |
12,226 |
12,037 |
(1.5%) |
2025 |
|||
Q1 |
12,037 |
12,025 |
(0.1%) |
Q2 |
12,025 |
11,164 |
(7.2%) |
Q3 |
11,164 |
11,503 |
+3.0% |
Monthly performance:
TASI recorded gains in three months YTD, led by September with a 7.5% increase, followed by January at 3.1%, and June at 1.6%. On the other hand, the index declined in six months, with the steepest drop in May with a fall of 5.8%, as shown in the table below:
TASI Monthly Performance in 9M 2025 |
|||
Month |
Closing (Point) |
Change (Point) |
Change (%) |
January |
12,415 |
+378 |
+3.1% |
February |
12,112 |
(303) |
(2.4%) |
March |
12,025 |
(87) |
(0.7%) |
April |
11,672 |
(353) |
(2.9%) |
May |
10,990 |
(682) |
(58%) |
June |
11,164 |
+174 |
+1.6% |
July |
10,920 |
(244) |
(2.2%) |
August |
10,697 |
(223) |
(2.0%) |
September |
11,503 |
+806 |
+7.5% |
Sector Performance:
Seventeen market sectors closed out the first nine months of 2025 in the red territory, while five ended in the green.
Utilities led losing sectors, shedding 40%. Media and entertainment as well as transportation fell by 33% and 18%, respectively.
On the positive side, telecommunication services added 15% in the nine-month period, followed by the banking sector at 8%, while the basic materials sector recorded a modest gain of 1%, as shown below:
Performance by Sector in 9M 2025 |
||||
Sector |
2024 |
9M 2025 |
Change (pts) |
Change (%) |
Energy |
5300 |
4683 |
(617) |
(12%) |
Basic Materials |
5568 |
5614 |
+46 |
+1% |
Capital Goods |
15171 |
15267 |
+96 |
+1% |
Commercial & Professional Services |
4900 |
4246 |
(654) |
(13%) |
Transportation |
7068 |
5807 |
(1261) |
(18%) |
Consumer Durables & Apparel |
5413 |
4821 |
(592) |
(11%) |
Consumer Services |
4847 |
4304 |
(543) |
(11%) |
Media and Entertainment |
31920 |
21422 |
(10498) |
(33%) |
Consumer Discretionary Distribution & Retail |
7523 |
7909 |
+386 |
+5% |
Consumer Staples Distribution & Retail |
8368 |
7214 |
(1154) |
(14%) |
Food & Beverages |
6013 |
5043 |
(970) |
(16%) |
Household & Personal Products |
5041 |
4206 |
(835) |
(17%) |
Healthcare Equipment & Services |
11754 |
10826 |
(928) |
(8%) |
Pharma, Biotech & Life Science |
4957 |
4887 |
(70) |
(1%) |
Financial Services |
7733 |
7018 |
(715) |
(9%) |
Software & Services |
81623 |
67649 |
(13974) |
(17%) |
Real Estate Management & Development |
3675 |
3635 |
(40) |
(1%) |
Insurance |
10622 |
8898 |
(1724) |
(16%) |
REITs |
3173 |
3019 |
(154) |
(5%) |
Banks |
12263 |
13213 |
+950 |
+8% |
Telecommunication Services |
7867 |
9038 |
+1171 |
+15% |
Utilities |
13777 |
8262 |
(5515) |
(40%) |
Market |
12037 |
11503 |
(534) |
(4%) |
Index performance
TASI hit its highest level in 9M 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 10,367 on Sept. 15 and marked its lowest close of 10,427 points during the same session.
The highest traded value was recorded on Sept. 18 at SAR 16.4 billion. Meanwhile, Sept. 7 recorded the lowest traded value at SAR 2.2 billion.
The highest trading volume was recorded on July 30, with approximately 677.6 million shares traded.
TASI Performance in 9M 2025
Period |
Performance |
Date |
Notes |
Highest (points) |
12,536 |
Jan. 29 |
-- |
Lowest (points) |
10,367 |
Sept. 15 |
Lowest level since October 2023 |
Highest close (points) |
12,472 |
Feb. 10 |
Highest close since April 2024 |
Lowest close (points) |
10,472 |
Sept. 15 |
Lowest close since Oct. 2023 |
Highest traded value (SAR bln) |
16.4 |
Sept. 18 |
-- |
Lowest traded value (SAR bln) |
2.20 |
Sept. 7 |
Lowest since December 2022 |
Highest traded volume (Mln shares) |
677.6 |
July 30 |
-- |
TASI headed south in 102 sessions in 9M 2025, with the steepest drops on April 6 by 6.8% (805 points) and April 9 by 1.8% (206 points).
Sessions of Biggest Loss in 9M 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%) |
July 22 |
10,981 |
10,843 |
(138) |
(1.2%) |
The Saudi benchmark index rose in 83 trading sessions in the first nine months of 2025.
The biggest gain of 5.1% (550 points) was recorded on Sept. 24, followed by 406 points on April 10, as shown below:
Sessions of Highest Gain in 9M 2025 |
||||
Session |
Open (points) |
Close (points) |
Change (points) |
Change (%) |
Sept. 24 |
10,876 |
11,426 |
+550 |
+5.1% |
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% |
Sept. 29 |
11,230 |
11,434 |
+205 |
+ 1.8 % |
June 4 |
10,832 |
11,005 |
+172 |
+1.6% |
May 12 |
11,347 |
11,489 |
+142 |
+1.3% |
July 23 |
10,843 |
10,984 |
+141 |
+1.3% |
June 23 |
10,574 |
10,710 |
+136 |
+1.3% |
June 16 |
10,732 |
10,867 |
+135 |
+1.3% |
Trading value in 9M 2025:
Total trading value decreased by 31% to SAR 1.014 trillion in 9M 2025, compared to SAR 1.469 trillion in 9M 2024.
January saw the highest trading value at about SAR 140.94 billion, while September saw an improvement, with trading values rising to SAR 127.43 billion.
Trading Value in 9M 2025 (SAR bln) |
||||
Month |
2024 |
9M 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%) |
July |
145.60 |
107.55 |
4.68 |
(26%) |
August |
160.02 |
91.04 |
4.34 |
(43%) |
September |
140.15 |
127.43 |
6.07 |
(9%) |
Total |
1469.12 |
1014.12 |
5.48 |
(31%) |
Transactions during 9M 2025:
The number of transactions declined 6% year-on-year (YoY) to 92 million in 9M 2025.
April recorded the highest number of transactions executed at approximately 12.05 million.
Transactions in 9M 2025 (mln) |
|||
Month |
2024 |
9M 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% |
July |
11.45 |
10.96 |
(4%) |
August |
11.53 |
9.88 |
(14%) |
September |
10.82 |
11.34 |
+5% |
Total |
97.95 |
91.91 |
(6%) |
Stocks’ performance:
A total of 189 companies closed the first nine months of 2025 on a negative note, while 42 companies saw their shares increase.
Top Decliners
Gulf General Cooperative Insurance led with a 51% drop, followed by ACWA Power with 46%. Other notable decliners included Chemanol, UCA, Anaam Holding, Fakeeh Care, Batic, and Al Akaria, with declines ranging between 37% and 42%.
Top Losers* |
|||
Company |
2024 (SAR) |
H1 2025 (SAR) |
Change (%) |
Gulf General |
10.38 |
5.13 |
(51%) |
ACWA Power |
398.23 |
214.10 |
(46%) |
Chemanol |
18.50 |
10.80 |
(42%) |
UCA |
8.92 |
5.50 |
(38%) |
Anaam Holding |
26.40 |
16.29 |
(38%) |
Fakeeh Care |
67.00 |
41.40 |
(38%) |
Batic |
3.66 |
2.29 |
(37%) |
Al Akaria |
25.30 |
15.85 |
(37%) |
Walaa |
19.36 |
12.20 |
(37%) |
Almunajem |
95.80 |
60.95 |
(36%) |
Saudi Darb |
4.70 |
3.01 |
(36%) |
Mobily |
17.40 |
11.17 |
(36%) |
Banan |
7.09 |
4.61 |
(35%) |
Wataniya |
24.52 |
15.99 |
(35%) |
Raydan |
21.80 |
14.28 |
(35%) |
SAPTCO |
20.44 |
13.48 |
(34%) |
MEDGULF |
26.05 |
17.23 |
(34%) |
Al-Jouf Cement |
10.28 |
6.80 |
(34%) |
SRMG |
275.00 |
182.50 |
(34%) |
Savola |
36.70 |
24.80 |
(32%) |
Top Gainers:
Cenomi Retail topped the list of best-performing stocks, surging by 115%, followed by Saudi Cable and Electrical Industries Co. with a rise of 56% and 51%, respectively.
Other notable gainers included Dar Al Arkan, Bahri, Seera, Maaden, and Mobily, with increases ranging between 27% and 32%.
Top Gainers* |
|||
Company |
2024 (SAR) |
9M 2025 (SAR) |
Change (%) |
Cenomi Retail |
13.22 |
28.40 |
+115% |
Saudi Cable |
101.00 |
157.50 |
+56% |
Electrical Industries |
7.24 |
10.94 |
+51% |
Al-Babtain |
39.00 |
57.80 |
+48% |
Abo Moati |
31.00 |
44.48 |
+43% |
Dar Al Arkan |
15.10 |
19.94 |
+32% |
Bahri |
20.92 |
27.24 |
+30% |
Seera |
22.46 |
29.00 |
+29% |
Maaden |
50.30 |
64.00 |
+27% |
Mobily |
53.40 |
67.55 |
+27% |
Rasan |
86.40 |
102.40 |
+19% |
Al Mawarid |
105.40 |
123.90 |
+18% |
SNB |
33.40 |
39.18 |
+17% |
ANB |
21.08 |
24.71 |
+17% |
SHL |
18.18 |
21.00 |
+16% |
AL Rajhi Bank |
94.60 |
107.20 |
+13% |
BSF |
15.84 |
17.85 |
+13% |
SIIG |
17.26 |
19.16 |
+11% |
Advanced |
32.10 |
35.46 |
+10% |
Tasnee |
10.16 |
11.21 |
+10% |
*Stock price adjustments due to factoring in capital changes
Blue chips performance:
Blue chips showed mixed performance. Al Rajhi Bank rose by 13%, while SNB recorded a stronger gain of 17%. stc also saw a 10% rise in its share price.
Among the top performers, Dar Al Arkan stood out with the highest rise of 32%, followed by Maaden and Mobily, which advanced by 27% each.
On the other hand, ACWA Power recorded the steepest decline among major stocks, falling by 46%. Saudi Aramco also posted a decline of 12%, while SABIC shares dropped by 8% over the same period.
Top Performers* |
|||
Company |
2024 (SAR) |
9M 2025 (SAR) |
Change (%) |
Al Rajhi Bank |
94.60 |
107.20 |
+13% |
Saudi Aramco |
28.05 |
24.62 |
(12%) |
SNB |
33.40 |
39.18 |
+17% |
ACWA Power |
398.23 |
214.10 |
(46%) |
stc |
40.00 |
44.08 |
+10% |
Maaden |
50.30 |
64.00 |
+27% |
Alinma Bank |
28.95 |
26.80 |
(7%) |
Riyad Bank |
28.60 |
27.20 |
(5%) |
Dr. Sulaiman Al Habib |
280.40 |
270.00 |
(4%) |
Almarai |
57.20 |
50.30 |
(12%) |
SABIC |
67.00 |
61.55 |
(8%) |
SAB |
33.65 |
32.08 |
(5%) |
BSF |
15.84 |
17.85 |
+13% |
Mobily |
53.40 |
67.55 |
+27% |
Bank Albilad |
32.54 |
28.84 |
(11%) |
Elm |
1,115.00 |
895.50 |
(20%) |
ANB |
21.08 |
24.71 |
+17% |
SABIC AN |
111.00 |
119.20 |
+7% |
Jabal Omar |
20.56 |
19.38 |
(6%) |
Dar Al Arkan |
15.10 |
19.94 |
+32% |
*Price changes were considered due to capital changes.
Performance of newly listed companies:
A total of 11 companies listed on Tadawul during 9M 2025, three of which recorded gains and nine declined.
Masar stock recorded the highest gain, rising by 37% during the period. It was followed by Sports Clubs and Almoosa, increasing by 19% and 10%, respectively.
On the other hand, Nice One was the worst performer, falling by 41%, followed by UCIC and Entaj, dropping by 39% and 33%, respectively.
Performance of companies listed in 9M 2025 |
||||
Company |
Listing Price |
Possible Trading Price (SAR)* |
H1 2025 (SAR) |
Change** (%) |
Masar |
15.00 |
18.00 |
24.70 |
+37% |
Sport Clubs |
7.50 |
8.50 |
10.11 |
+19% |
Almoosa |
127.00 |
152.30 |
168.10 |
+10% |
Flynas |
80.00 |
77.00 |
76.80 |
(0.3%) |
Al Majdiah |
14.00 |
13.93 |
12.80 |
(8%) |
Marketing Home |
85.00 |
85.25 |
75.00 |
(12%) |
Derayah Financial |
30.00 |
36.00 |
31.70 |
(12%) |
SMC |
25.00 |
24.56 |
19.41 |
(21%) |
Entaj |
50.00 |
60.00 |
40.10 |
(33%) |
UCIC |
50.00 |
51.55 |
31.66 |
(39%) |
Nice One |
35.00 |
42.00 |
24.75 |
(41%) |
*(High + Low) / 2 of the first session where trading in any volume became possible.
**Change compared to the reference trading price.
Performance of REITs:
Listed real estate investment traded funds (REITs) showed a near-collective decline during the first nine months of the year, with the exception of Jadwa REIT Saudi Fund, SICO Saudi REIT Fund, and Alkhabeer REIT, which posted gains ranging between 1% and 9%.
Riyad REIT recorded the sharpest drop, falling by 21%, followed by SEDCO Capital REIT, which declined by 16%. Jadwa REIT Al Haramain and Mulkia REIT each saw declines of 12%, as detailed in the table below:
Traded REITs in 9M 2025 |
|||
Fund |
2024 (SAR) |
9M 2025 (SAR) |
Change (%) |
Riyad REIT |
6.80 |
5.38 |
(21%) |
SEDCO Capital REIT |
8.39 |
7.03 |
(16%) |
Jadwa REIT Al Haramain |
5.95 |
5.23 |
(12%) |
Mulkia REIT |
5.44 |
4.79 |
(12%) |
Musharaka REIT |
4.72 |
4.31 |
(9%) |
AlJazira REIT |
15.04 |
13.74 |
(9%) |
MEFIC REIT |
4.06 |
3.73 |
(8%) |
AlAhli REIT (1) |
7.08 |
6.65 |
(6%) |
Bonyan REIT |
9.83 |
9.27 |
(6%) |
Derayah REIT |
5.91 |
5.61 |
(5%) |
Al Maather REIT |
9.48 |
9.00 |
(5%) |
Alinma Retail REIT |
4.73 |
4.56 |
(4%) |
Taleem REIT |
10.24 |
9.89 |
(3%) |
Alinma Hospitality REIT |
8.40 |
8.23 |
(2%) |
Alistithmar REIT |
8.34 |
8.29 |
(1%) |
Al Rajhi REIT |
8.36 |
8.33 |
(0.4%) |
Alkhabeer REIT |
5.70 |
5.76 |
+1% |
SICO Saudi REIT |
3.96 |
4.16 |
+5% |
Jadwa Saudi REIT |
10.08 |
10.98 |
+9% |
Closed-Ended Traded Investment Funds:
All closed-ended traded investment funds recorded gains during the first nine months of the year, with the exception of Alkhabeer Income Fund.
Performance of Closed-End Investment Funds – 9M 2025 |
|||
Fund |
2024 (SAR) |
9M 2025 (SAR) |
Change (%) |
Alkhabeer Income Fund |
6.46 |
5.57 |
(14%) |
SEDCO Multi-Asset Fund |
6.52 |
6.87 |
+5% |
Alkhabeer Income Fund 2030 |
7.40 |
7.83 |
+6% |
Alkhabeer Growth & Income Fund |
8.43 |
9.18 |
+9% |
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