Ramadan Kareem to all our subscribers observing the holy month. Here are the key market drivers for today.

Most Important News

1. FTSE Russell Announces Semi-Annual Review of Saudi Companies' Indexes;
2. Bank AlJazira Plans SAR 5 Billion AT1 Sukuk Issuance;
3. Acwa Power to Buy Back 1.2M Shares for Incentive Plan;
4. Anthropic's AI Tool Spurs IBM Stock Drop;

At the close of 23/02/2026, the Tadawul All Shares Index(TASI.SA) rose by 0.34%, closing at 10984.06 points; the Parallel Market Capped Index (NomuC)(NOMUC.SA) dropped by 0.37%, closing at 23318.76 points. 

US markets closed sharply lower, with major indices all dropping over 1%. The S&P 500 index(SPX.US) fell 1.04% to 6,837.75 points, while the NASDAQ(IXIC.US) dropped 1.13% to 22,627.27 points. The Dow Jones Industrial Average(DJI.US) led losses, declining 1.66% to 48,804.06 points.

Saudi Arabia's 2025 Budget Deficit Reaches SAR 277 Billion

For the year 2025, Saudi Arabia reported revenues of SAR 1.11 trillion and expenditures of SAR 1.38 trillion, resulting in a SAR 277 billion deficit. Fourth-quarter revenues were SAR 276.7 billion, with spending at SAR 371.6 billion. Annual oil revenues totaled SAR 606.5 billion, and non-oil revenues were SAR 505.3 billion. Public debt rose 25% to SAR 1.51 trillion by year-end.

Trump Signals Preference for Diplomacy Over War with Iran  

U.S. President Donald Trump dismissed media reports claiming General Caine opposes military action against Iran, labeling them "100% incorrect." Trump stated that while Caine, like others, prefers to avoid war, he believes the U.S. would easily prevail if conflict arose. Highlighting Caine's expertise from overseeing Operation Midnight Hammer against Iran's nuclear program, Trump reiterated his own stance: he favors reaching an agreement over engaging in war. 

Anthropic to Showcase New Claude Features Amid Market Jitters  

Today, Anthropic will host a live event to demonstrate the latest features of its AI tool, Claude. The event will include real-time demonstrations, collaboration scenarios, insights from leadership, and new product announcements. Analysts note that investors remain cautious ahead of another AI product launch, as any news from Anthropic is perceived as "incremental competition" for existing software, whether justified or not.

KSA Stocks

FTSE Russell Announces Semi-Annual Review of Saudi Companies' Indexes

FTSE Russell announced its semi-annual review of indexes, effective March 25, 2026. Adjustments in the Saudi market will be applied on Thursday, March 19, 2026, due to the preceding Friday market closure.

Below are the key changes to Saudi stocks across FTSE Russell indexes:

Bank AlJazira Plans SAR 5 Billion AT1 Sukuk Issuance

Bank Aljazira(1020.SA) announced plans to issue SAR-denominated additional Tier 1 sukuk under its SAR 5 billion program. The private placement, targeting qualified Saudi investors, aims to boost Tier 1 capital and support corporate needs. Managed by AlJazira Capital and Al Rajhi Capital, the final size and terms depend on market conditions. Regulatory approvals are required, with updates to follow.

Acwa Power to Buy Back 1.2M Shares for Incentive Plan

ACWA POWER Co.(2082.SA) shareholders approved the repurchase of up to 1.19 million shares for an employee stock incentive program. The decision, made at the extraordinary general meeting on Feb. 23, allows the board 18 months to complete the buyback using company resources. The board is authorized to finalize the necessary procedures, as stated in a Tadawul filing.

Jamjoom Pharma Reports Strong Financial Results for 2025  

Jamjoom Pharmaceuticals Factory Co.(4015.SA) announced a 13.8% rise in revenue to SAR 1,500.6 million for 2025, driven by strategic brand demand and new product launches. Net profit surged 30.1% to SAR 463.8 million, aided by improved margins and gains from the Algerian joint venture. The company maintained a robust financial position with zero debt and a 36.7% increase in cash. An unmodified auditor's opinion was issued.

Jamjoom Pharma Approves 20% Dividend for H2 2025

Jamjoom Pharmaceuticals Factory Co.(4015.SA)’ board approved a 20% cash dividend for H2 2025, equivalent to SAR 2 per share, totaling SAR 140 million. Shareholders registered by March 1, 2026, will receive payouts on March 15, 2026. This brings the total 2025 dividends to SAR 280 million, representing 40% of the company’s capital (SAR 4 per share).

USA Stocks

Anthropic's AI Tool Spurs IBM Stock Drop  

US-based startup Anthropic announced its AI programming tool designed to modernize the COBOL programming language, sparking significant market reactions. Following the news, IBM Corp(IBM.US) saw its shares plummet over 13%. Analysts suggest the tool could disrupt traditional enterprise software markets, intensifying competition for legacy system providers. 

PayPal Attracts Acquisition Interest Amid Stock Turmoil

After a sharp decline in stock price that halved its market value, PayPal Holdings, Inc.(PYPL.US) is drawing interest from potential buyers. Sources indicate the San Jose-based digital payment pioneer is engaging with banks and potential acquirers. While one major competitor considers a full acquisition, others are interested in parts of the company. Despite a recent 46% drop in stock over 12 months, shares surged over 5% after hitting a circuit breaker.

Hims & Hers Health Shares Drop Over 8% Post-Earnings Release

On February 23, Hims & Hers Health, Inc. Class A(HIMS.US) reported its Q4 2025 and full-year financial results. Q4 revenue reached $617.8 million, a 28% increase from $481.1 million in Q4 2024. Adjusted EPS was $0.08, down from $0.11 the previous year. Full-year 2025 revenue rose 59% to $2.3476 billion, compared to $1.4765 billion in 2024. Adjusted EBITDA increased to $318 million from $176.9 million. Despite strong revenue growth, shares fell over 8% in after-hours trading.