Materials Sector Dominates Trading on Saudi Arabia’s Tadawul All Share Index
Riyadh: 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 Leads the Pack
SABIC, the largest component of the materials sector, boasted a market capitalization of SR234.9 billion, with trading value reaching nearly SR7 billion. Following closely behind was the banking 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
In a February report by Bloomberg, Al-Rajhi Bank, a key indicator of Saudi Arabia’s growth strategies, exhibited nearly a 270 percent surge in shares since the initiation of Vision 2030, outperforming JPMorgan Chase & Co. and other competitors. The bank has established itself as the largest bank in the Middle East and Africa, boasting a market cap of around $95 billion.
Energy Sector and Transportation Sector Make Waves
The energy sector secured the third position in terms of value traded, reaching SR55.4 billion, with Saudi Aramco leading the pack. In March, Aramco announced a net income of $121.3 billion for its full-year 2023 financial results, marking the second-highest in its history. The transportation sector recorded the fourth-highest value traded at SR39.25 billion, with cargo firm SAL Saudi Logistics Services emerging as a top performer.
SAL Saudi Logistics Services Making Strides
SAL debuted on the main market of the Saudi Exchange in November last year, experiencing a surge in its share price during its IPO. With aspirations to manage 4.5 million tonnes of air cargo by 2030, Saudi Arabia is positioning its logistics sector as a key driver of economic growth.
Top Gainers and Market Performance
MBC Group, a media conglomerate, was the top gainer in terms of price appreciation, with a quarter-to-date percentage change of 127.6 percent. Saudi Steel Pipes Co. and Etihad Atheeb Telecommunication Co. also saw significant price appreciation during this period. TASI concluded the first quarter of 2024 with a 3.6 percent increase, reaching 12,402 points.