{"id":105492,"date":"2026-02-02T00:00:00","date_gmt":"2026-02-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/"},"modified":"2026-02-02T00:00:00","modified_gmt":"2026-02-02T00:00:00","slug":"tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/","title":{"rendered":"TASI rises 8.5% in January, but metals rout hits top gainers"},"content":{"rendered":"

TASI\u2019s honeymoon ended abruptly yesterday<\/strong> as fears of a US-Iran escalation and a metals slump snapped the market's month-long streak. The index shed 1.9% on the first trading day of February, the highest slump in around 10 months, reversing a trend that saw the market price in the opening of the kingdom to mass foreign investment.<\/p>\n

The drop comes immediately after TASI\u2019s best monthly gains since 2022<\/strong>, which saw the index jump 8.5% in January<\/a> to close at 11.38k points and claw back some of the heavy losses<\/a> it suffered last year. Heavyweights led the surge as Aramco gained 8% in January, while banks broadly outperformed as expectations of stronger liquidity and foreign inflows took hold.<\/p>\n

\n

Why it matters<\/p>\n

The market spent January wagering on structural reform: <\/strong>The Capital Markets Authority <\/a>scrapped the Qualified Foreign Investor<\/a> regime and welcomed all categories of non-Saudi investors as of yesterday, officially removing the USD 500 mn AUM barrier for foreign investors.<\/p>\n

The rally was welcome news for the new class of investors as well as companies looking <\/strong>to IPO this year, but reality bit back yesterday<\/strong>. The optimism collided with geopolitical risk as the Trump administration\u2019s deployment of forces and Tehran\u2019s vow to retaliate<\/a> spooked investors.<\/p>\n

A sharp global slump in materials prices also reversed the bullish sentiment on metals<\/strong>, leading Amak and Maaden to become the biggest casualties of the sell-off, shortly after leading TASI\u2019s gains in January.<\/p>\n

The mining volatility could be a boon for other sectors:<\/strong> Hussein Al Raqib of Zad Consulting suggests the banking sector will emerge as the primary beneficiary of the new foreign inflows. With robust solvency and high profitability, banks like Al Rajhi and Saudi National are positioned as \"safe havens\" against the current volatility, Al Raqib told Asharq Business<\/a>.<\/p>\n

\n

What\u2019s next?<\/p>\n

The bear case:<\/strong> Global capital was heading into 2026 with a risk-off sentiment toward the region. Major fund managers told Bloomberg<\/a> earlier that despite the QFI opening, softer oil prices and the lack of immediate earnings catalysts are keeping them on the sidelines.<\/p>\n

The removal of the QFI rules removes friction, but doesn't create demand on its own<\/strong>, Aleqtisaih\u2019s Ahmed Al Rasheed told Asharq Business<\/a>. Foreign investors will now wait for 4Q earnings and clear fundamentals before deploying capital, Al Rasheed says.<\/p>\n

The bull case: <\/strong>Kamco Invest\u2019s Junaid Ansari argues the market is \u201coversold\u201d and primed for a rebound, citing robust banking sector lending and earnings growth that ignore the geopolitical noise.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n","protected":false},"excerpt":{"rendered":"

AMAK and Ma\u2019aden were the biggest casualties of yesterday\u2019s sell-off<\/p>\n","protected":false},"author":1,"featured_media":105493,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2704],"tags":[2419,10,61,2452,3812,2653],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-105492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-enterpriseam-ksa","tag-iran","tag-tadawul","tag-tasi","tag-us","wpautop","entry"],"acf":{"mongo_id":"dd4533d0-5ee1-49ab-8fc4-a74eed1009a6","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1196.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Geopolitical fears, metals slump threaten TASI\u2019s January gains","related_issue":[105484],"teaser":"AMAK and Ma\u2019aden were the biggest casualties of yesterday\u2019s sell-off"},"yoast_head":"\nTASI rises 8.5% in January, but metals rout hits top gainers - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TASI rises 8.5% in January, but metals rout hits top gainers\" \/>\n<meta property=\"og:description\" content=\"AMAK and Ma\u2019aden were the biggest casualties of yesterday\u2019s sell-off\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/\" \/>\n<meta property=\"og:site_name\" content=\"KSA\" \/>\n<meta property=\"article:published_time\" content=\"2026-02-02T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1196.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"TASI rises 8.5% in January, but metals rout hits top gainers\",\"datePublished\":\"2026-02-02T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/\"},\"wordCount\":442,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1196.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Capital Markets\",\"EnterpriseAM KSA\",\"Iran\",\"Tadawul\",\"TASI\",\"US\"],\"articleSection\":[\"CAPITAL MARKETS\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/\",\"url\":\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/\",\"name\":\"TASI rises 8.5% in January, but metals rout hits top gainers - KSA\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1196.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2026-02-02T00:00:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1196.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1196.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/ksa\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"TASI rises 8.5% in January, but metals rout hits top gainers\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#website\",\"url\":\"https:\/\/enterpriseam.com\/ksa\/\",\"name\":\"KSA\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/ksa\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#organization\",\"name\":\"KSA\",\"url\":\"https:\/\/enterpriseam.com\/ksa\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/42482.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/42482.svg\",\"caption\":\"KSA\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/ksa\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"TASI rises 8.5% in January, but metals rout hits top gainers - KSA","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/","og_locale":"en_US","og_type":"article","og_title":"TASI rises 8.5% in January, but metals rout hits top gainers","og_description":"AMAK and Ma\u2019aden were the biggest casualties of yesterday\u2019s sell-off","og_url":"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/","og_site_name":"KSA","article_published_time":"2026-02-02T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1196.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"TASI rises 8.5% in January, but metals rout hits top gainers","datePublished":"2026-02-02T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/"},"wordCount":442,"publisher":{"@id":"https:\/\/enterpriseam.com\/ksa\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1196.jpg?fit=%2C&ssl=1","keywords":["Capital Markets","EnterpriseAM KSA","Iran","Tadawul","TASI","US"],"articleSection":["CAPITAL MARKETS"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/","url":"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/","name":"TASI rises 8.5% in January, but metals rout hits top gainers - KSA","isPartOf":{"@id":"https:\/\/enterpriseam.com\/ksa\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1196.jpg?fit=%2C&ssl=1","datePublished":"2026-02-02T00:00:00+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1196.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1196.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/ksa\/2026\/02\/02\/tasi-rises-8-5-in-january-but-metals-rout-hits-top-gainers\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/ksa\/"},{"@type":"ListItem","position":2,"name":"TASI rises 8.5% in January, but metals rout hits top gainers"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/ksa\/#website","url":"https:\/\/enterpriseam.com\/ksa\/","name":"KSA","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/ksa\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/ksa\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/ksa\/#organization","name":"KSA","url":"https:\/\/enterpriseam.com\/ksa\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/ksa\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/42482.svg","contentUrl":"https:\/\/ent.news\/internal\/42482.svg","caption":"KSA"},"image":{"@id":"https:\/\/enterpriseam.com\/ksa\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/ksa\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1196.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1196.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/ksa\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1196.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/posts\/105492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/comments?post=105492"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/posts\/105492\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/issue\/105484"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/media\/105493"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/media?parent=105492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/categories?post=105492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/tags?post=105492"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/brand?post=105492"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/ksa\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=105492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}