TASI posts steepest annual decline in a decade; only 26 stocks rise

08:40 AM (Mecca time) Argaam Special
A trader watches the Tadawul trading screen.

A trader watches the Tadawul trading screen.


The Saudi Tadawul All-Share Index (TASI) recorded losses of around 1,546 points, or 12.8% in 2025, closing at 10,491 points, compared with 12,037 points at the end of 2024.

 

As a result, the benchmark posted its lowest annual close in three years since 2022, when it closed at 10,478 points.

 

The annual loss represents the largest percentage decline since 2015, when the index fell by 17%, and the highest point drop since 2008.

 

Q4 2025 recorded the steepest drop last year, with the index dropping by more than 1,000 points, or 8.8%, followed by Q2 2025, which declined by about 861 points, or 7.2%. Q1 2025 recorded a slight decline of around 11 points, while the index rose by about 339 points, or 3%, in Q3 2025.

 

Several events affected market performance in 2025, most notably the following:

 

The trade war following the United States’ decision to impose tariffs on several countries, led by China and Europe, after Donald Trump was inaugurated for a second term as President.

 

Oil prices showed significant volatility in 2025, with Brent crude trading between $58 and $82.60 per barrel.

 

Aggregate profits of Saudi-listed companies declined by 5% during the first nine months of 2025 to SAR 404.0 billion, compared with SAR 426.4 billion in the same period of the previous year. Excluding Saudi Aramco, aggregate profits rose by 5% to SAR 125.5 billion in the nine months, compared with SAR 119.3 billion during the same period of 2024.

 

The US Federal Reserve cut interest rates three times in 2025, and the Saudi Central Bank followed suit. The Federal Reserve also projected one interest rate cut during 2026.

 

In 2025, 15 companies were listed and began trading on the Main Market (TASI), with varying subscription coverage. The year also saw two IPOs that were not fully covered by individual investors.

 

In the final sessions of Q3 2025, the market recorded gains of nearly 630 points after Bloomberg reported comments from a Capital Market Authority (CMA) board member indicating that the authority was close to approving a major amendment to raise the foreign ownership cap for listed companies, currently set at 49%.

 

The CMA subsequently launched a consultation on opening the Main Market to all categories of non-resident foreign investors and enabling them to invest directly, inviting feedback from interested stakeholders and market participants.

 

CMA Chairman Mohammed Elkuwaiz stated that abolishing the qualified foreign investor (QFI) system would precede any amendment to the 49% foreign ownership limit, noting that these limits would be reviewed during the coming year.

 

A number of decisions and regulations affecting the Saudi real estate sector were issued, including the implementation of the new White Land Tax Law, a five-year freeze on residential and commercial rent increases in Riyadh, and the updated framework governing non-Saudi ownership of real estate.

 

The Saudi Cabinet approved total government expenditures of SAR 1.31 trillion for 2026, while total revenues were estimated at SAR 1.15 trillion, resulting in an expected budget deficit of SAR 165.4 billion.

 

TASI Annual Performance Since 2015

Year-Close

General Index (Points)

Change (Points)

Change  (%)

2015

6912

(1,421)

(17%)

2016

7210

+ 298

+4 %

2017

7226

+ 16

+0.2%

2018

7827

+ 601

+8%

2019

8389

+ 562

+7%

2020

8690

+ 301

+4%

2021

11282

+2,592

+30%

2022

10478

(804)

(7%)

2023

11967

+1,489

+14%

2024

12037

+ 70

+1%

2025

10491

(1,546)

(13%)

 

TASI Quarterly Performance Since 2015

Year

Opening (points)

Closing (points)

Change (%)

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

(72%)

Q3

11164

11503

+3.0%

Q4

11503

10491

(8.8%)

 

Monthly performance:

 

TASI recorded a decline in eight months, with November topping with a drop of 1,065 points, or 9.1%, followed by May falling 682 points, or 5.8%.

 

By contrast, the market index rose in four months, led by September with a gain of 7.5%, or 806 points.

 

TASI Monthly Performance in 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%

July

10920

(244)

(2.2%)

August

10697

(223)

(2.0%)

September

11503

+ 806

+7.5%

October

11656

+ 153

+1.3%

November

10591

(1065)

(9.1%)

December

10491

(100)

(0.9%)

 

Sector Performance:

 

All sectors declined in 2025, except for telecommunications and information technology, which saw an increase of over 11% year-on-year (YoY).

 

The media and entertainment sector reported the largest decline at 49%, followed by utilities at 47%, consumer durables at 35%, and basic materials at 11%.

 

The banking sector saw the smallest decline at 0.1%, followed by the luxury goods retail and distribution sector at 1%.

 

Sector Performance in 2025

Sector

2024

2025

Change (Points)

Change (%)

Energy

5300

4545

(755)

(14%)

Basic Materials

5568

4943

(625)

(11%)

Capital Goods

15171

14930

(241)

(2%)

Professional Services

4900

4035

(865)

(18%)

Transportation

7068

4936

(2132)

(30%)

Consumer Durables

5413

3536

(1877)

(35%)

Consumer Services

4847

3522

(1325)

(27%)

Media & Entertainment

31920

16205

(15715)

(49%)

Consumer Discretionary

7523

7437

(86)

(1%)

Consumer Staples

8368

5704

(2664)

(32%)

Food Production

6013

4347

(1666)

(28%)

Household & Personal Products

5041

4568

(473)

(9%)

Healthcare

11754

9868

(1886)

(16%)

Pharmaceuticals

4957

4373

(584)

(12%)

Financial Services

7733

5404

(2329)

(30%)

Software & Services

81623

58137

(23486)

(29%)

Real Estate Management

3675

2877

(798)

(22%)

Insurance

10622

7447

(3175)

(30%)

REITs

3173

2922

(251)

(8%)

Banks

12263

12255

(8)

(0.1%)

Telecom

7867

8763

896

+11%

Utilities

13777

7283

(6494)

(47%)

Market

12037

10491

(1546)

(13%)

 

Index Performance

 

TASI notched its highest level in 2025 at 12,536 points on Jan. 29, 2025, and the highest close on Feb. 10 at 12,472. It fell to its lowest levels of 10,339 points and sank to an all-year low, closing at 10,382 on Dec. 30, 2025.

 

The benchmark's highest daily trading value was recorded on Sept. 18, 2025, at SAR 16.4 billion.

 

The lowest daily trading value was witnessed on Dec. 25, 2025, at SAR 1.66 billion.

 

Performance of Index in 2025

Period

Performance

Date

Notes

Highest (points)

12536

Jan. 29

--

Lowest (points)

10339

Dec. 30

Lowest level since October 2023

Highest close (points)

12472

Feb. 10

Highest close since April 2024

Lowest close (points)

10382

Dec. 30

Lowest close in 2 years

Highest traded value (SAR bln)

16.4

Sept. 18

--

Lowest traded value (SAR bln)

1.66

Dec. 25

Lowest since 2019

 

Trading Sessions with Biggest Gains and Losses

 

The market index headed south in 135 out of 251 sessions last year. April 6 saw the biggest loss as TASI declined 206 points or 1.8%. In Q4 2025, the steepest decline was witnessed on Nov. 25 at 1.5%.

 

Sessions With Biggest Losses

Session

Opening

(points)

Closing

(points)

Change

(points)

Change

(%)

April 6

11883

11077

(805)

(6.8%)

April 9

11303

11097

(206)

(1.8%)

March 4

12124

11932

(192)

(1.6%)

May 25

11189

11000

(189)

(1.7%)

June 1

10990

10825

(165)

(1.5%)

Nov. 25

10852

10687

(165)

(1.5%)

June 12

11005

10841

(164)

(1.5%)

Nov. 24

11011

10852

(159)

(1.4%)

June 17

10867

10714

(153)

(1.4%)

May 27

11076

10925

(151)

(1.4%)

 

The market gauge headed north in 112 sessions during 2025. The biggest rise was recorded at 5.1% on Sept. 24, followed by +3.7% on April 10.

 

TASI’s Biggest Gains in 2025

Session

Opening (points)

Closing (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 Activity in 2025

 

Traded value in the Saudi stock market fell 30% in 2025 to SAR 1.30 trillion, compared with SAR 1.86 trillion in 2024, according to market data.

 

January recorded the highest traded value at SAR 140.94 billion, while December was the lowest at around SAR 76 billion.

 

Market’s Traded Values in 2025 (SAR bln)

Month

2024

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%)

October

146.71

122.33

5.56

(17%)

November

126.92

86.76

4.13

(32%)

December

119.57

76.03

3.45

(36%)

Total

1862.33

1299.23

5.18

(30%)

 

Executed Transactions in 2025

 

The number of executed transactions declined 7% YoY to 119.03 million in 2025.

 

April recorded the highest number of trades at 12.05 million.

 

Executed Transactions in 2025 (mln)

Period

2024

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%

October

11.15

10.38

(7%)

November

9.35

8.63

(8%)

December

10.12

8.10

(20%)

Total

128.57

119.03

(7%)

 

Stock performance:

 

On stock performance, losers outnumbered gainers by 205 to 26.

 

Naseej International Trading Co. was the biggest loser, declining by 64%, followed by Gulf General Cooperative Insurance Co. (62%) and Methanol Chemicals Co. (Chemanol) (60%).

 

Shares of The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF), Saudi Research and Media Group (SRMG), Saudi Public Transport Co. (SAPTCO) and Middle East Healthcare Co.’s (Saudi German Health) declined by percentages ranging between 53% and 56%.

 

Top Decliners*

Company

2024 (SAR)

2025 (SAR)

Change

Naseej

97.30

35.30

(64%)

Gulf General

10.38

3.93

(62%)

Chemanol

18.50

7.39

(60%)

UCA

8.92

3.72

(58%)

Anaam Holding

26.40

11.45

(57%)

MEDGULF

26.05

11.57

(56%)

SRMG

275.00

124.50

(55%)

Saudi Fisheries

131.03

59.35

(55%)

Al Rajhi Takaful

171.60

77.80

(55%)

ACWA Power

398.23

181.80

(54%)

Al-Etihad Insurance

17.40

7.96

(54%)

Saudi Darb

4.70

2.20

(53%)

SAPTCO

20.44

9.59

(53%)

Tanmiah Food

121.00

57.15

(53%)

Saudi German Hospital

68.70

32.56

(53%)

Jahez

30.30

14.42

(52%)

SAIC

35.20

16.93

(52%)

MESC

43.40

21.27

(51%)

Banan Real Estate

7.09

3.58

(50%)

Tabuk Agricultural

15.10

7.63

(49%)

*Adjustments to stock prices due to capital and share changes were taken into account.

 

Top Gainers:

 

Al Babtain topped gainers, soaring 65%, followed by Electrical Industries ( 55%), and Abo Moati (48%).

 

Shares of Seera, Maaden, Bahri, and Cenomi Retail also rose by between 19% and 45%, as shown below:

 

Top Gainers*

Company

2024 (SAR)

2025 (SAR)

Change

Al-Babtain

39.00

64.35

+65%

Electrical Industries

7.24

11.20

+55%

Abo Moati

31.00

46.00

+48%

Cenomi Retail

13.22

19.13

+45%

Saudi Cable

101.00

140.00

+39%

Bahri

20.92

28.98

+39%

Rasan

86.40

115.90

+34%

AMAK

67.50

88.00

+30%

Mobily

53.40

66.00

+24%

Al Mawarid

105.40

130.10

+23%

Maaden

50.30

60.95

+21%

Seera

22.46

26.80

+19%

SENAAT

32.35

38.30

+18%

SNB

33.40

37.88

+13%

stc

40.00

42.98

+7%

MIS

163.00

174.00

+7%

Aldrees

120.20

127.90

+6%

BSF

15.84

16.82

+6%

Dar Al Arkan

15.10

15.94

+6%

Maharah

6.16

6.44

+5%

Baazeem  

6.45

6.71

+4%

Al Rajhi Bank  

94.60

97.50

+3%

ANB  

21.08

21.62

+3 %

Zain KSA  

10.26

10.43

+2 %

Jarir  

12.66

12.78

+1 %

ADES  

17.36

17.44

+0.5 %

*Adjustments to stock prices due to capital and share changes were taken into account.

 

Performance of Blue Chips:

 

Blue chips showed mixed performance in 2025, as Saudi Aramco declined by 15%, while ACWA Power topped the list of blue-chip decliners with a 54% drop. SABIC fell by 23%.

 

Meanwhile, Al Rajhi Bank leapt by 3%, and SNB (13%). Mobily led the blue-chip gainers with an increase of 24%.

 

Performance of Blue Chips

Company

2024 (SAR)

2025 (SAR)

Change

Al Rajhi Bank

94.60

97.50

3%

Saudi Aramco

28.05

23.83

(15%)

SNB

33.40

37.88

+13%

ACWA Power

398.23

181.80

(54%)

stc

40.00

42.98

+7%

Maaden

50.30

60.95

+21%

Alinma Bank

28.95

24.38

(16%)

Riyad Bank

28.60

27.14

(5%)

Sulaiman Al Habib

280.40

257.00

(8%)

Almarai

57.20

43.26

(24%)

SABIC

67.00

51.30

(23%)

SAB

33.65

32.38

(4%)

BSF

15.84

16.82

+6%

Mobily

53.40

66.00

+24%

Bank Albilad

32.54

24.82

(24%)

Elm

1,115.00

748.00

(33%)

ANB

21.08

21.62

+3%

SABIC Agri-Nutrients

111.00

110.70

(0.3%)

Jabal Omar

20.56

14.78

(28%)

Dar Al Arkan

15.10

15.94

+6%

*Adjustments to stock prices due to capital and share changes were taken into account.

   

Performance of Listed Companies:
 

In 2025, 15 companies were listed on the Saudi market, all of which recorded declines compared to their possible trading prices, except for Al Masar Al Shamil and Almoosa, which rose by 21% and 15%, respectively.

 

Nice One topped the list of newly listed companies with the steepest declines in 2025, falling by 57%, followed by UCIC, down 50%, as shown in the table below:

 

Performance of Listed Companies in 2025:

Company

Stock Price (SAR)

Possible Trading Price (SAR)*

2025 (SAR)

Change**

Nice One

35.00

42.00

17.90

(57%)

UCIC

50.00

51.55

25.74

(50%)

Entaj

50.00

60.00

31.20

(48%)

Build Station

85.00

85.25

54.10

(37%)

Derayah Financial

30.00

36.00

25.70

(29)

Almajdiah

14.00

13.93

10.04

(28%)

SMC Healthcare

25.00

24.56

18.04

(27%)

Alramz

70.00

64.88

54.30

(16%)

Flynas

80.00

77.00

65.05

(16%)

Cherry

28.00

27.46

24.12

(12%)

CGS

10.00

10.25

9.09

(11%)

Masar

15.00

18.00

17.19

(4%)

Sport Clubs

7.50

8.50

8.25

(3%)

Almoosa Health

127.00

152.30

175.40

+15%

Almasar Alshamil

19.50

20.71

25.02

+21%

*(Highest price +lowest price) / 2 in the first trading session, after which buying and selling became possible in any quantity.

**Change compared to the permissible trading price.

 

REITs:
 

Units of 17 REITs recorded declines during 2025, led by Riyad REIT with a 27% drop, followed by AlJazira REIT with a 23% decline.

 

Meanwhile, two REITs posted gains, Jadwa REIT Saudi, up 11%, and Al Aziziah REIT, which rose by 2%, as shown in the table below:

 

Performance of REITs in 2025

Fund

2024 (SAR)

2025 (SAR)

Change

Riyad REIT

6.80

4.96

(27%)

Aljazira REIT

15.04

11.51

(23%)

SEDCO Capital REIT

8.39

6.70

(20%)

Jadwa REIT Al Haramain

5.95

4.95

(17%)

Alistithmar REIT

8.34

7.01

(16%)

Mulkia REIT

5.44

4.62

(15%)

MEFIC REIT

4.06

3.47

(15%)

Musharaka REIT

4.72

4.08

(14%)

Derayah REIT

5.91

5.23

(12%)

AlAhli REIT (1)

7.08

6.30

(11%)

Al Maather REIT

9.48

8.81

(7%)

Al Rajhi REIT

8.36

7.88

(6%)

Bonyan REIT

9.83

9.28

(6%)

Alinma Retail REIT

4.73

4.58

(3%)

Alkhabeer REIT

5.70

5.53

(3%)

Alinma Retail REIT

8.40

8.30

(1%)

Taleem REIT

10.24

10.16

(1%)

Al Aziziah REIT

3.96

4.04

+2%

Jadwa REIT Saudi

10.08

11.17

+11%

Performance of Closed-Ended Investment Funds:

 

All listed closed-ended investment funds recorded gains during 2025, with the exception of Alkhabeer Income Fund, which declined by 18%, as shown in the table below:

 

Performance of Closed-Ended Investment Funds in 2025:

Fund

2024 (SAR)

2025 (SAR)

Change

Alkhabeer Income

6.46

5.32

(18%)

Alkhabeer Income 2030

7.40

7.73

+4%

SEDCO Capital Multi Asset Traded Fund

6.52

7.06

+8%

Alkhabeer Growth and Income Traded Fund

8.43

10.05

+19%

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