TASI leaps 3% in Q3 2025

07:32 AM (Mecca time) Argaam Special
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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%)

*Stock price adjustments due to factoring in capital changes

 

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
 (SAR)

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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