Most Important News

1. SABIC Narrows Quarterly Loss as Revenue Falls;
2. SAL Logistics Q2 Profit Rises on Stronger Cargo, Logistics Revenue;
3. Riyadh Cables Q2 Profit Rises on Higher Sales Volumes;
4. Bahri Q2 Profit Surges on Higher Freight Rates;

At the close of 28/07/2026, the Tadawul All Shares Index dropped by 0.85%, closing at 10678.11 points; the Parallel Market Capped Index dropped by 0.38%, closing at 21877.22 points. 

US major stock indexes ended mixed on Tuesday. The Dow Jones Industrial Average(DJI.US) climbed 1.03% to finish at 52,747.32, and the S&P 500 index(SPX.US) gained 0.21% to 7,428.78. In contrast, the NASDAQ(IXIC.US) slipped 0.22% to close at 24,876.91.

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OPEC+ Likely to Pause Oil Output Hikes After September

OPEC+ will likely halt gradual oil output increases for the remainder of the year following a planned 188,000 barrels-per-day boost in September. Sources noted the alliance is suspending further hikes to evaluate the supply impact of a potential US-Iran trade war and Strait of Hormuz shipment disruptions. However, these plans remain subject to evolving market conditions.

Fed Has 69.5% Chance of Holding Rates This Week

CME FedWatch data indicates a 69.5% probability that the Federal Reserve will maintain current interest rates in July, versus a 30.5% chance of a 25-basis-point hike. By September, the likelihood of holding rates drops to 23.4%, while expectations for cumulative increases of 25 and 50 basis points stand at 56.4% and 20.2%, respectively.

KSA Stocks

SABIC Narrows Quarterly Loss as Revenue Falls

Saudi Basic Industries Corp.(2010.SA) reported a Q2 net loss of SAR833 million, narrowing from SAR4.07 billion a year earlier, as revenue fell 17.9% to SAR24.81 billion. First-half loss narrowed to SAR820 million from SAR5.28 billion, while revenue dropped 14.3% to SAR50.96 billion amid lower volumes and supply chain challenges.

SAL Logistics Q2 Profit Rises on Stronger Cargo, Logistics Revenue

SAL Saudi Logistics Services Co.(4263.SA) said Q2 net profit rose 18% to SAR191.4 million as revenue climbed 30% to SAR512.1 million, driven by cargo ground handling and logistics growth. First-half profit increased 10.4% to SAR348 million, while revenue rose 23.1% to SAR957.9 million.

Americana Restaurants First-Half Profit Jumps 59.2%

Americana Restaurants International PLC - Foreign Company(6015.SA) said Q2 net profit rose 40.5% to SAR315.2 million as revenue increased 11.1% to SAR2.68 billion. First-half profit climbed 59.2% to SAR552.1 million on SAR5.12 billion revenue, supported by like-for-like sales, store expansion and cost control. The board approved a US$100.8 million interim dividend.

Saudi Energy Signs SAR15.8 Billion Financing Facility

On July 27, Saudi Energy Co.(5110.SA) secured a seven-year, unsecured Shariah-compliant Murabaha facility worth SAR15.8 billion from seven local banks, including Saudi National Bank and Al Rajhi Bank. The company will utilize the funds for general corporate purposes. The transaction involves related parties such as SNB and board member Khaled Salem Al-Ruwais.

Riyadh Cables Q2 Profit Rises on Higher Sales Volumes

Riyadh Cables Group Co.(4142.SA) said Q2 net profit rose 9.9% to SAR306.8 million as revenue increased 7.9% to SAR2.93 billion, driven by higher sales volumes. First-half profit climbed 10% to SAR588.8 million, while revenue grew 9.5% to SAR5.70 billion.

Solutions Q2 Profit Edges Higher as ICT Revenue Grows

Arabian Internet and Communications Services Co.(7202.SA) said Q2 net profit rose 1.6% to SAR453 million, while revenue grew 11.7% to SAR3.24 billion, driven by core ICT services. First-half profit increased 2.1% to SAR824 million on revenue of SAR6.24 billion, with EBITDA up 12.4% to SAR1.09 billion.

Bahri Q2 Profit Surges on Higher Freight Rates

National Shipping Company of Saudi Arabia(4030.SA) said Q2 net profit jumped 574.1% to SAR2.75 billion as revenue rose 156.2% to SAR6.31 billion, driven by stronger activity and higher global freight rates. First-half profit climbed 420.7% to SAR4.90 billion, while revenue increased 143.5% to SAR11.27 billion.

Red Sea Unit Raises SNB Facilities to SAR430.8M

Red Sea International Co.(4230.SA) said its unit First Fix amended its Saudi National Bank financing deal, lifting the limit to SAR430.8 million from SAR200 million. The facilities, obtained July 28 and maturing July 31, 2026, are backed by promissory notes and guarantees and will fund performance bonds, advance payment guarantees and letters of credit.

KEC Signs LOI for Knowledge Gardens Fund

Knowledge Economic City(4310.SA) and unit Algharraa signed an LOI with BSF Capital and Fourmen Investment to set up a CMA-regulated closed-ended private real estate fund for the Knowledge Gardens project in Madinah. KEC and Algharraa expect about SAR 800 million in cash and a 39.9% stake in the fund after definitive agreements.

SIECO H1 Loss Narrows to SAR1.9M

Saudi Industrial Export Co.(4140.SA) narrowed its first-half net loss to SAR1.89 million from SAR6.08 million a year earlier, with no revenue as operations remain suspended. Accumulated losses reached SAR96.84 million, or 49.81% of capital. The auditor noted material uncertainty over the company’s ability to continue as a going concern.

USA Stocks

SK Hynix Misses Estimates Despite Record Profit Surge

Fueled by AI demand, SK hynix Inc. Sponsored ADR(SKHY.US) Q2 operating profit soared 557% to a record KRW60.5 trillion (US$41.62 billion). Yet it missed the KRW64 trillion estimate because greater reliance on advanced memory chips limited gains from conventional chip price increases. Alongside lower-than-expected KRW79 trillion revenue, the shortfall intensifies concerns that the semiconductor-driving AI boom may be slowing.

Google Backs US$44 Billion Data Center Leases

Alphabet Inc. Class C(GOOG.US) agreed to guarantee up to US$44 billion in third-party data center leases against tenant defaults, surging from September's US$6.5 billion. To expand TPU sales as alternatives to NVIDIA Corporation(NVDA.US)  AI chips, executives expect TPU revenues to outweigh these financial obligations. These inactive guarantees currently cover ten unfinished projects totaling 2.4 gigawatts.

Seagate Shares Surge on Earnings Beat

Seagate Technology Holdings PLC(STX.US)shares rallied over 9% in after-hours trading following robust Q4 results. Revenue jumped 48% year-over-year to US$3.65 billion, beating the US$3.49 billion estimate. Adjusted EPS reached US$5.71 against the expected US$5.08, while adjusted operating margin hit 44.6%. Looking ahead, first-quarter revenue is projected between US$4.0 billion and US$4.2 billion, topping the US$3.79 billion forecast.

Prince Alwaleed Discloses 5% Stake in Lucid

Saudi Prince Alwaleed bin Talal disclosed an estimated 5% stake in Lucid(LCID.US), holding about 19.51 million Class A shares. A US SEC filing revealed the acquisition occurred when the electric vehicle maker's market capitalization was below US$2 billion. Following the news, shares climbed 2.2% to US$46.64.