Most Important News

1. JPMorgan Warns Oil Could Top $150 by Mid-May;
2. PIF Considers $5B Investment in SpaceX IPO;
3. BATIC Subsidiary Acquires 90 MAN Trucks to Boost Logistics;
4. Almarai’s Q1 2026 Profit Marginally up at SAR 732.2M;

At the close of 02/04/2026, the Tadawul All Shares Index(TASI.SA) dropped by 0.07%, closing at 11268.38 points; the Parallel Market Capped Index (NomuC)(NOMUC.SA) rose by 0.02%, closing at 22551.67 points.

Saudi stocks surged in March 2026, adding SR722 billion (US$192.3 billion) to reach SR9.86 trillion in market capitalization. The TASI index climbed 5% to 11,250 points, led by Saudi Aramco Base Oil Co.(2223.SA) and Al Rajhi Bank(1120.SA), as trading value grew 20% despite Eid holidays. While global markets fell, Saudi Arabia’s economic stability, flexible logistics, and resilient oil exports supported gains. Analysts stress earnings growth as vital for sustaining momentum. 

Last week, Trump delivered a nationwide address without providing a ceasefire timeline, instead threatening further strikes on Iran's infrastructure. This initially caused U.S. stocks to drop at the opening. However, reports of a draft agreement on the Strait of Hormuz shifted market sentiment, leading to a recovery and a dramatic close for the S&P 500 and Nasdaq. With markets closed on Friday for Good Friday, the week marked the first weekly gain for U.S. stocks since the outbreak of the conflict.

At Thursday's close, the S&P 500 index(SPX.US) rose 7.37 points, or 0.11%, to finish higher. The Dow Jones Industrial Average(DJI.US) fell 61.07 points, or 0.13%, closing at 46,504.67 points. Meanwhile, the NASDAQ(IXIC.US) gained 38.234 points, or 0.18%, ending the day at 21,879.182 points.

JPMorgan Warns Oil Could Top $150 by Mid-May

JPMorgan anticipates oil prices may reach US$120-130 per barrel in the short term, with a risk of exceeding US$150 if the Hormuz Strait supply disruption persists until mid-May. Their report suggests the issue will likely be resolved through negotiations, maintaining prices above US$100 in Q2. A partial reopening and inventory recovery could lower prices in late 2026. Prolonged high prices may weaken demand and risk recession.

PIF Considers $5B Investment in SpaceX IPO

Saudi Arabia's Public Investment Fund (PIF) is reportedly considering a $5 billion investment in SpaceX's upcoming initial public offering (IPO), according to sources cited by Reuters. This investment would help offset the dilution of PIF's current stake, which is just under 1%. SpaceX, known for its work in rockets, satellites, and AI, aims to raise around $75 billion from the IPO. The company has filed a preliminary submission with the US Securities and Exchange Commission, targeting a listing later this year.

US-Iran Tensions Escalate Over Strait of Hormuz  

As US-Iran conflicts intensify, Donald Trump issued a 48-hour ultimatum demanding Iran reopen the Strait of Hormuz by April 6 or face severe consequences. In a strong retaliation, Iran identified eight strategic bridges across Kuwait, the UAE, and Jordan as potential targets, posing an unprecedented threat to global energy security.

KSA Stocks

BATIC Subsidiary Acquires 90 MAN Trucks to Boost Logistics

Batic Investments and Logistics Co.(4110.SA) announced that its subsidiary, Saudi Transport and Investment Co. (MUBARRAD), acquired 90 MAN 20-ton truck heads (2026 model). The purchase, valued at about 10% of the company's net assets, aims to modernize MUBARRAD's fleet and enhance operational efficiency. This strategic move aligns with Saudi Vision 2030, supporting the Kingdom's logistics sector growth and boosting profitability.

SAL Saudi Logistics Forms New Audit Committee  

SAL Saudi Logistics Services Co.(4263.SA) announced the formation of its Audit Committee for the Board term starting March 30, 2026. The committee includes Mr. Zaid Abdulrahman Algwaiz as Chairman, and members Mr. Rasheed Abdulrahman Alrasheed, Mr. Fahad Abdullah Moussa, and Mr. Faisal Saeed Sabbagh. These leaders bring extensive expertise in governance, finance, and logistics, aligning with Saudi Vision 2030 goals.

Almarai’s Q1 2026 Profit Marginally up at SAR 732.2M

Almarai Co.(2280.SA) announced a 7% revenue increase to SAR 6.16 billion for Q1 2026, driven by strong Ramadan sales and growth in dairy and poultry. Net profit remained stable at SAR 732 million, supported by disciplined cost control and an improved product mix. The company saw a 58% rise in net profit compared to the previous quarter. Almarai continues to monitor regional conditions and manage supply chain risks effectively.

Seera Group Holding Receives CMA Approval for Capital Reduction

Seera Group Holding(1810.SA) has received approval from the Capital Market Authority (CMA) to decrease its capital from SAR 3 billion to SAR 2.74 billion by canceling 25.95 million ordinary shares, including shares from the Employee Stock Program. This marks an 8.65% reduction in capital. The change will take effect after the extraordinary general assembly meeting. Seera will provide shareholders with a detailed circular on the reduction method and its expected effects before the meeting. Further updates will be announced as necessary.

Saudi Vitrified Clay Pipes Co. Gains CMA Approval for Capital Increase

Saudi Vitrified Clay Pipes Co.(2360.SA) received approval from the Capital Market Authority (CMA) to raise its capital by SAR80 million through a rights issue. The increase, proposed by the Board in August 2024, remains subject to approval by the Extraordinary General Assembly and completion of regulatory requirements. The company initially submitted the request in June 2025, with CMA’s decision finalized on April 2, 2026.

USA Stocks

Oracle's Dubai Office Hit Amid Rising Tensions

The Dubai Media Office confirmed that air defense fragments struck the facade of an office building belonging to Oracle Corporation(ORCL.US) in Dubai Internet City, resulting in no casualties. Previously, Iran's Revolutionary Guard designated 18 US technology companies as legitimate targets and attacked a Middle Eastern data center operated by Amazon.com, Inc.(AMZN.US) in early March.

Lucid Group Faces Delivery Challenges Amid Supply Issues

Lucid(LCID.US)'s first-quarter deliveries fell short of expectations due to a temporary sales halt and a recall from supplier changes. The company produced 5,500 vehicles, delivering 3,093, compared to forecasts of 5,967 and 5,237. CEO Marc Winterhoff noted that February was particularly affected by production pauses. A recall of 4,476 Gravity SUVs over seatbelt concerns highlights ongoing production-delivery gaps. Despite these issues, Lucid maintains its 2026 production target of 25,000-27,000 vehicles.