Riyadh: Materials Sector Dominates Trading on Tadawul All Share Index
In the first quarter of 2024, the materials sector took the lead in trading on Saudi Arabia’s Tadawul All Share Index, accounting for approximately SR87 billion ($23.2 billion) or 15.11 percent of the market, according to TASI’s report. SABIC, the largest component of this sector, boasted a market capitalization of SR234.9 billion, with trading value reaching nearly SR7 billion.
Banking Sector Trails Behind with Al-Rajhi Bank Leading the Way
The banking sector followed closely behind the materials sector, with transactions valued at SR71.22 billion, comprising 12.37 percent of the market. Al-Rajhi Bank emerged as the leader in market capitalization within the sector and secured the second spot in trade value, totaling SR23.62 billion.
Al-Rajhi Bank Outpaces Competitors and Eyes Growth
In a February report by Bloomberg, Al-Rajhi Bank surpassed the performance of JPMorgan Chase & Co., exhibiting nearly a 270 percent surge in shares since the initiation of Vision 2030. The bank has outpaced both local and global competitors, positioning itself as the largest bank in the Middle East and Africa with a market cap of around $95 billion. According to Morgan Stanley analysts, Al-Rajhi is poised for long-term success in the Saudi bank sector.
Energy Sector and Saudi Aramco Make Waves
The energy sector secured the third position in terms of value traded, reaching SR55.4 billion. Saudi Aramco topped the list with a market capitalization of SR7.47 trillion and registered the highest value among companies traded on the index, totaling SR28.82 billion. Aramco announced a net income of $121.3 billion for its full-year 2023 financial results, marking the second-highest in its history.
Transportation Sector Gains Momentum with SAL Saudi Logistics Services
The transportation sector recorded the fourth-highest value traded at SR39.25 billion, with cargo firm SAL Saudi Logistics Services ranking third in value traded on the TASI. SAL debuted on the main market of the Saudi Exchange in November last year and aims to become a key player in the logistics sector, driving economic growth.
MBC Group Emerges as Top Gainer on TASI
During this period, MBC Group experienced the highest price appreciation with a quarter-to-date percentage change of 127.6 percent. Saudi Arabia’s media conglomerate made its debut as the first new listing on TASI in 2024, raising SR831 million through its initial public offering.
TASI Concludes First Quarter of 2024 with Positive Growth
Tadawul’s All Share Index concluded the first quarter of 2024 with a 3.6 percent increase, climbing by 435 points to reach 12,402 points.