TASI rises 7.2% in Q1 2026; Petro Rabigh, EIC top gainers

Tadawul trading screen

Saudi Arabia’s Tadawul All Share Index (TASI) ended Q1 2026 up 759 points, or 7.2%, closing at 11,250 points, compared to 10,491 points at the end of Q4 2025.

In the first three months of 2026, the benchmark index registered the strongest percentage increase since Q4 2023 when it had gained over 8%.

Several key developments shaped Saudi equities during the period. The most prominent is the ongoing US-Israel-Iran war that spooked global oil and equity markets.

Oil prices sloshed across a wide range of $59.7-$119.4 per barrel during Q1 as the Strait of Hormuz shut, cutting global supply.

Separately, Saudi Arabia opened its capital market to all categories of foreign investors, allowing direct investment. The Capital Market Authority (CMA) approved a regulatory framework to enable non-resident foreign investors to access the Main Market.

Meanwhile, the Federal Reserve held interest rates unchanged at 3.50%-3.75% for a second consecutive meeting.

In addition, listed companies posted their annual financial results for 2025 during the three months.

The Finance Ministry published the Kingdom’s 2025 fiscal outturn, with revenues at SAR 1.11 trillion and expenditures at SAR 1.39 trillion, resulting in a deficit of SAR 276.6 billion.

Over the past decade, the market’s quarterly performance has shown sharp swings between gains and losses, reflecting the impact of both domestic and global developments.

Monthly performance:

TASI showed volatile monthly performance in Q1 2026, rising 8.5% in January, before falling 5.9% in February, and rebounding 5.1% in March.

Sector performance

As many as 14 sectors advanced in the first quarter of 2026, while nine declined.

Household and personal products led the gainers as it rose 26%, followed by energy at 15% and insurance at 14%. Banking and materials sectors climbed nearly 10% each.

On the downside, media and entertainment fell 20%, while software and services dropped 22%, alongside declines of 12% in consumer services and 11% in transport.

Index performance

TASI hit its highest level in Q1 2026 at 11,485 points on Jan. 29 and recorded lowest level of 10,194 on March 1.

The index saw its highest close on Jan. 28 at 11,458 points and marked its lowest close of 10,291 points on Jan. 6.

The highest traded value was recorded on March 24 at SAR 8.53 billion. Meanwhile, Jan. 1 recorded the lowest traded value at SAR 1.59 billion.

TASI Performance in Q1 2026

Session performance

The index rose in 36 sessions and fell in 22 sessions.

March 8th session led the list of daily gains during the first quarter of 2026 with a 2.1% increase (231 points), followed by January 22nd with a 1.7% increase, and then January 7th with a 1.6% increase.

In contrast, March 1st session recorded the largest daily loss during Q1 2026, with a decrease of 2.2% (233 points). This was the first session after the start of the war between the US, Israel, and Iran. It was followed by Feb. 1 and Feb. 19 sessions, each with a decline of 1.9%.

Trading

Trading volume in the Saudi market during the first quarter of 2026 amounted to approximately SAR 291.08 billion, a decrease of 20% year-on-year (YoY).

January dropped 29% and February 23%, compared to a limited decrease of 4% in March. The average daily trading volume reached approximately SAR 5.04 billion during the period.

*Eid Al-Fitr holiday

Transactions during Q1 2026:

The number of transactions declined 11% YoY to 25.11 million in Q1 2026.

Stocks’ performance:

A total of 105 companies closed the first three months of 2026 in the green territory, while 142 companies closed on a negative note.

 Rabigh Refining and Petrochemical Co. (Petro Rabigh) topped the list of best-performing stocks, surging by 54%, followed by Electrical Industries Co. and Al Rajhi Company for Cooperative Insurance’s (Al Rajhi Takaful) with a rise of 49% and 36%, respectively.

SABIC Agri-Nutrients (SABIC AN) saw an increase of 31%, while  Kingdom Holding Co. and Yanbu National Petrochemical Co. (Yansab) added 30% each.

*Stock price adjustments due to factoring in capital changes

Top Decliners

Red Sea International Co. (RSI) led with a 34% drop, followed by Naseej International Trading Co. with 33%. Other notable decliners included Nice One, Beauty Digital Marketing Co., Saudi Fisheries Co. (Alasmak), Saudi Research and Media Group (SRMG) and Elm Co., with declines ranging between 30% and 28%.

*Stock price adjustments due to factoring in capital changes

Blue chips performance:

Blue chips were largely positive. SABIC AN rose by 31%, while Saudi Basic Industries Corp. (SABIC), Alinma Bank and Banque Saudi Fransi (BSF) recorded strong gains of 18% each. Saudi Arabian Oil Co. (Saudi Aramco) also saw a 15% rise.

Among the top performers was Saudi National Bank (SNB), which saw a rise of 10%, followed by Al Rajhi Bank (+9%).

On the other hand, Elm Co. recorded the steepest decline among major stocks, falling by 28%. ACWA Power (Acwa) also reported a decline of 5%, while stc and Etihad Etisalat Co. (Mobily) shares dropped by 1% over the same period.

*Price changes were considered due to capital changes.

Performance of newly listed companies:

Saleh Abdulaziz Al Rashed and Sons Co. was the only newly-listed on Tadawul during Q1 2026, with its stock rising 36% to end the quarter at SAR 68.60 compared to a midpoint trading price of SAR 50.58.

*(High + Low) / 2 of the first session where trading in any volume became possible.

**Change compared to the midpoint trading price.

Performance of REITs:

As many as 12-listed real estate investment traded funds (REITs) showed an increase during the first quarter of the year, while seven recorded declines.

Al Aziziah REIT recorded the highest increase by 33%, followed by Alistithmar REIT and SEDCO Capital REIT at 9% and 7%, respectively.

On the other hand, AlJazira REIT recorded the sharpest drop, falling by 4%, followed by Alinma Hospitality REIT and Jadwa REIT Al Haramain each down 3%.

Closed-Ended Traded Investment Funds:

Alkhabeer Income Fund 2030 recorded a 2% gain during the first quarter the year, while SEDCO Multi-Asset Fund, Alkhabeer Income Fund and Alkhabeer Growth & Income Fund saw declines.