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

Most Important News

1. Tadawul and Edaa Invite Public Feedback on Market Rule Amendments;
2. Saudi Kayan Reports Increased Losses Amid Falling Revenues;
3. SAL Secures Ground Handling Deal with DSV A/S;
4. MARAFIQ Reports 2025 Financial Results with 2,521% Net Profit Surge;

Saudi Arabia's Tadawul All Shares Index(TASI.SA) fell 0.71% on Tuesday, closing at 10,906.44, with a trading turnover of SR3.95 billion (US$1.05 billion). While the Parallel Market Capped Index (NomuC)(NOMUC.SA) lost 0.96%. Notable performers included National Medical Care Co.(4005.SA), up 3.88%, while Saudi Enaya Cooperative Insurance Co.(8311.SA) dropped 9.98%.

U.S. markets closed higher yesterday, driven by optimism in the software sector after AI company Anthropic emphasized collaboration with traditional software firms rather than replacement.

The S&P 500 index(SPX.US) rose 0.77% to 6,890.07, the NASDAQ(IXIC.US) gained 1.04% to 22,863.68, and the Dow Jones Industrial Average(DJI.US) added 0.76% to 49,174.5.

Tech stocks advanced, with Advanced Micro Devices, Inc.(AMD.US) (+8%), Apple Inc.(AAPL.US) (+2%), and Tesla Motors, Inc.(TSLA.US) (+2%) leading gains. AI software stocks also rebounded, including Figma(FIG.US) (+11%), Roblox Corp. Class A(RBLX.US) (+7%), and Salesforce.com, inc.(CRM.US) (+4%).

Wedbush Securities noted that AI's disruption risks to the software industry are overstated, as current AI tools lack the ability to replace deeply embedded workflows. Analysts highlighted that AI’s impact is limited by the data it can access.

Tadawul and Edaa Invite Public Feedback on Market Rule Amendments

The Saudi Exchange (Tadawul) and the Securities Depository Centre (Edaa) have announced draft amendments to market rules, open for public consultation until March 9. These changes aim to incorporate global best practices in securities borrowing, lending, and short selling, while enhancing hedging and investment tools. Public feedback will be integral to finalizing the amendments.

The Draft Amendments to the Exchange Rules

Trump Vows to Maintain Tariff Policy Despite Supreme Court Ruling

US President Trump expressed disappointment over the Supreme Court's decision but affirmed the continuation of tariff policies, suggesting tariffs will replace income tax without Congress needing to act. He praised the passage of the "big and beautiful" bill, exempting tips, overtime, and social security from taxes. Trump criticized Democrats for opposing tax cuts and supporting tax increases, and he aims to halt payments to large insurance companies due to healthcare costs.

KSA Stocks

Saudi Kayan Reports Increased Losses Amid Falling Revenues

Saudi Kayan Petrochemical Co.(2350.SA) announced its 2025 financial results, revealing a 3.06% drop in revenue to SAR8.46 billion. Despite increased sales volume and improved plant reliability, the company faced a 27.17% rise in net losses, totaling SAR2.29 billion, primarily due to lower average selling prices. Shareholders' equity fell by 20.19% to SAR9.18 billion. The external auditor issued an unmodified opinion, and certain figures were reclassified for consistency.

View United Real Estate to Transition to TASI

View United Real Estate Development Co.(9591.SA)'s board has approved the transition from Nomu-Parallel Market to the Main Market (TASI) as of Feb. 24. Listed on Nomu since Dec. 13, 2023, the move is pending approval from the Capital Market Authority (CMA) and other regulatory requirements, according to a statement on Tadawul.

Saudi Enaya Extends Acting CEO Appointment

Saudi Enaya Cooperative Insurance Co.(8311.SA) announced that its board has approved the extension of Mr. Nasr Aldin Baba's role as Acting CEO. This decision, based on Board Resolution No. 186/2026, was made on Feb. 8, 2026, for two months starting Feb. 6, 2026. The extension follows the Insurance Authority’s non-objection on Feb. 24, 2026. There are no associated costs with this extension.

SAL Secures Ground Handling Deal with DSV A/S

SAL Saudi Logistics Services Co.(4263.SA) has signed a renewable one-year agreement with Denmark's DSV Air and Sea (A/S) to provide comprehensive ground handling and logistics services. The deal involves SAL managing DSV's shipment operations and offering storage solutions. While service fees will be paid on demand, no specific contract value was disclosed. SAL anticipates a positive financial impact, enhancing logistics efficiency in Saudi Arabia.

Leejam to Launch New Men's Fitness Center in Riyadh

Leejam Sports Co.(1830.SA) will open a new men's fitness center in Riyadh's Al Maather Al Shamali district on February 25. Operating under the "Fitness Time Xpress" brand, the facility will feature high-spec equipment and modern gym designs. The financial impact is expected to begin in Q1 2026, with additional openings planned in the coming weeks.

Saudi German Health Proposes 5% Dividend for 2025

The board of Middle East Healthcare Co.(4009.SA) proposed a 5% cash dividend for 2025, equating to SAR 0.5 per share. This totals SAR 46.02 million, based on a capital of SAR 920.4 million. Shareholders registered with Edaa by the second trading day after the general assembly will be eligible. The payment date will be announced post regulatory approvals.

MARAFIQ Reports 2025 Financial Results with 2,521% Net Profit Surge

The Power and Water Utility Company for Jubail and Yanbu(2083.SA) announced a 2,521% jump in net profit to SAR 449.43M for 2025, driven by higher water, gas, and Tawreed subsidiary revenues. Sales rose 0.91% to SAR 6,945.62M, while gross profit fell 46.31%. Key gains included lower finance costs (-9.73%) and a one-time HIECT tariff adjustment. However, rising fuel costs (+27.28%) and power purchases (+17.31%) offset growth. Earnings per share reached SAR 1.8.

The Power and Water Utility Company for Jubail and Yanbu(2083.SA) announced an 18% cash dividend for the second half of 2025, equating to SAR 1.8 per share. The total dividend distribution amounts to SAR 450 million, based on a capital of SAR 2.5 billion. Shareholders on record as of March 10, 2026, will receive payments starting March 31, 2026.

USA Stocks

Citron Targets Sandisk Corporation, Storage Stocks Slide as Sandisk Drops Over 4%

Short-seller Citron Research announced a short position in Sandisk Corporation(SNDK.US) on Tuesday, causing its shares to plunge intraday before closing down 4.2%. Citron argued that NAND storage firms like Sandisk are being mispriced as AI core assets despite their cyclical nature. They warned that supply-driven dynamics and potential competition from Samsung's capacity recovery could quickly end the current market shortage.

Meta and AMD Forge Major "Chip + Equity" Deal, AMD Shares Surge Over 8%

Meta Platforms(META.US) and Advanced Micro Devices, Inc.(AMD.US) announced a significant agreement on Tuesday, with Meta set to deploy up to 6 gigawatts of AMD computing chips, amounting to a $60 billion multi-year order. Additionally, Meta has the option to purchase up to 160 million AMD shares at $0.01 each, contingent on certain milestones, representing 10% of AMD's equity. Following the announcement, AMD's stock closed up 8.77%.

• Lucid(LCID.US) saw its shares decline more than 4% following its fourth-quarter earnings report. The company recorded revenue of US$522.7 million and an adjusted loss of US$3.08 per share.
• Workday, Inc. Class A(WDAY.US) fell more than 9% after hours as its earnings slightly beat expectations but subscription revenue growth guidance slowed. The weaker outlook raised questions about the company’s long-term growth sustainability, prompting a negative reaction from investors.