{"id":106804,"date":"2026-04-02T00:00:00","date_gmt":"2026-04-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?p=106804"},"modified":"2026-04-02T03:45:56","modified_gmt":"2026-04-02T03:45:56","slug":"tasis-march-rise-could-be-masking-weak-investor-appetite","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2026\/04\/02\/tasis-march-rise-could-be-masking-weak-investor-appetite\/","title":{"rendered":"TASI\u2019s March rise could be masking weak investor appetite"},"content":{"rendered":"

TadawuI<\/strong>\u2019s main market defied regional war jitters in March<\/strong>, as the energy-heavy bourse turned into a geopolitical hedge. Still, smaller stocks and the Nomu parallel market exhibited weaker performance than heavyweights, suggesting investor caution is still high.<\/p>\n

TASI closed March up 5.05% at 11.2k points as the Iran war propped up oil prices.<\/strong> Market cap stood at SAR 9.86 tn by the end of the month, anchored by the sheer weight of Aramco (+15%), according to market data<\/a>. Total trading value hit SAR 103.9 bn across roughly 4.8 bn shares, with flows largely concentrated in blue chips as investors piled into defensive names. <\/p>\n

The recovery looks more like a stability-led bounce than a full return of risk appetite<\/strong>, with state-linked institutions stepping in as geopolitical tensions picked up, Christy Achkar, financial market analyst at CFI Financial Group, tells EnterpriseAM. Large local players, including government-related and pension funds, likely supported key blue chips to keep the market anchored, she said.<\/p>\n

What gives it away?<\/strong> Weaker performance in smaller stocks and growth markets like Nomu suggests that investors are still cautious and risk appetite has not fully returned, Achkar added. \u201cThis type of buying can push the index higher because TASI is heavily weighted toward large banks and energy firms,\u201d he noted, suggesting the rally was a calculated effort to stabilize the market rather than a shift in organic investor behavior.<\/p>\n

REFRESHER- <\/strong>The rebound comes after a weak 2025, when the index fell 12.8%<\/a> \u2014 its sharpest drop in a decade \u2014 amid softer oil prices and delays across large-scale projects. Heading into 2026, global investors largely stayed on the sidelines, citing limited near-term catalysts, but March\u2019s move suggests positioning is shifting back toward energy and banking heavyweights.<\/p>\n

The sector breakdown<\/p>\n

Gains were concentrated in materials, petrochemicals, and financials<\/strong>, led by Saleh Alrashed (+52.4%), Petro Rabigh (+44.6%), and Al Rajhi Takaful (+41.9%), with Yansab (+41.6%) and Chemanol (+35.2%) also among the top performers. <\/p>\n

Travel-linked and consumer-facing names were hit hardest. <\/strong>Losses were led by Elm (-16.4%), Saico (-16.2%), and AlKhaleej Training (-15.8%), followed by flynas (-14.7%) and Seera (-14.1%), reflecting weaker sentiment toward sectors exposed to discretionary demand and cross-border activity.<\/p>\n

\n

TASI stands on its own against regional peers <\/p>\n

Most regional markets lagged TASI in March. <\/strong>Egypt\u2019s EGX30 fell 7.9% during the month as foreign investors stepped up selling amid rising regional tensions, while Abu Dhabi\u2019s ADX (-8.9%) and Dubai\u2019s DFM (-16.4%) bore the brunt of the region\u2019s geopolitical unrest, as Dubai\u2019s two growth engines \u2014 tourism and real estate \u2014 took a hit. <\/p>\n

ICYMI- Global strategists are also leaning our way: <\/strong>Morgan Stanley upgraded its outlook for<\/a>Saudi equities<\/a> to \u201coverweight\u201d from \u201cequal weight\u201d earlier this month, citing the Kingdom\u2019s positive exposure to higher oil prices, relatively light positioning by global funds, and the stability of the SAR\u2019s peg to the USD. Meanwhile, both the UAE and Egypt were downgraded to \u201cequal weight.\u201d<\/p>\n

\n

The parallel market was not so lucky<\/p>\n

The NomuC fell 0.92% to 22.7k points in March, confirming the cautious stance of the broader market.<\/p>\n

Why? <\/strong>Investors tend to \u201cprioritize stability and liquidity over growth\u201d in uncertain times, Achkar said, adding that money is flowing into TASI\u2019s cashflow-heavy firms while risk appetite for smaller growth stories remains muted because they don\u2019t benefit directly from higher oil prices.<\/p>\n","protected":false},"excerpt":{"rendered":"

Total trading value hit SAR 103.9 bn across roughly 4.8 bn shares, with flows largely concentrated in blue chips<\/p>\n","protected":false},"author":1,"featured_media":106805,"comment_status":"closed","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":[4943],"tags":[2419,4942,10,2452,3812],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-106804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-contrarian-view","tag-capital-markets","tag-contrarian-view","tag-enterpriseam-ksa","tag-tadawul","tag-tasi","wpautop","entry"],"acf":{"mongo_id":"386db05a-4943-46c3-b4aa-13430d79d328","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":"TASI\u2019s March rise could be masking weak investor appetite","related_issue":[106796],"teaser":"Total trading value hit SAR 103.9 bn across roughly 4.8 bn shares, with flows largely concentrated in blue chips"},"yoast_head":"\nTASI\u2019s March rise could be masking weak investor appetite - 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