The banking sector followed with SR71.22 billion in transactions, representing 12.37% of the market.

Al-Rajhi Bank, with a market capitalization of around $95 billion and SR23.62 billion in trading value, was the leading bank and the second-largest trader in the sector.

Al-Rajhi Bank, which has outperformed JPMorgan Chase & Co. since the initiation of Vision 2030, is now the largest bank in the Middle East and Africa.

Morgan Stanley analysts, led by Nida Iqbal, believe Al-Rajhi Bank is well-positioned to benefit from potential interest rate cuts in Saudi Arabia due to the country's alignment with Federal Reserve policies.

A reduction in Fed rates could lead to increased profitability and expansion for Al-Rajhi Bank by encouraging deposit gathering and debt issuance at more attractive levels.

In the given period, the energy sector ranked third in terms of value traded, with a total of SR55.4 billion.

Saudi Aramco held the top spot with a market capitalization of SR7.47 trillion and a total value traded of SR28.82 billion.

Aramco reported a net income of $121.3 billion for its 2023 full-year financial results, the second-highest in the company's history.

Aramco attributed these strong results to operational flexibility, reliability, and cost-effective production.

In the transportation sector, Tadawul reported SR39.25 billion in value traded, with SAL Saudi Logistics Services ranking third with a total value of SR22.74 billion.

SAL, which debuted on the Saudi Exchange in November 2022, aims to manage 4.5 million tonnes of air cargo by 2030.

The logistics sector is becoming a key driver of economic growth in Saudi Arabia.

Saudi Arabian Airlines (SAL), which is partially owned by the Saudi government, saw a 30% increase in its share price during its initial public offering, raising $678 million and making it Saudi Arabia's second-largest IPO of the year.

SAL's CEO, Faisal Al-Beddah, expressed optimism about the company's potential to transform logistics in Saudi Arabia and the region.

MBC Group, a media conglomerate, was the top gainer during this period with a 127.6% price appreciation, making its debut as the first new listing on TASI in 2024.

Saudi Steel Pipes Co. and Etihad Atheeb Telecommunication Co. were the top two gainers on the Tadawul exchange during the first quarter of 2024.

Saudi Steel Pipes had the highest price appreciation of 88.15 percent, while Etihad Atheeb Telecommunication followed with an 81.91 percent increase.

The exchange itself concluded the quarter with a 3.6 percent gain, reaching 12,402 points.

Saudi Steel Pipes raised SR831 million through its initial public offering at the beginning of the year.