Most Important News

• PIF's Assets Reach SAR 160.1 Billion in Q3 2024
• Nice One to Debut on TASI Today
• UIHC 2024 Net Profit up 5% to SAR 222.4M
• Nvidia Closed Down 6% After Hitting All-Time Highs

1. Market Summary

Saudi Arabia's benchmark index Tadawul All Shares Index(TASI.SA)  edged 0.07% higher, helped by a 0.62% rise in Saudi Arabian Mining Co.(1211.SA)  and a 1.05% increase in the country's biggest lender The Saudi National Bank(1180.SA) .

Stocks fell Tuesday as strong economic data raised questions about the possibility of Federal Reserve rate cuts later this year, leading to a spike in Treasury yields. Declines across major tech stocks also dragged the market lower. The S&P 500 index(SPX.US)  dipped 1.11% to close at 5,909.03. The Dow Jones Industrial Average(DJI.US)  lost 178.20 points, or 0.42%, and ended at 42,528.36. The NASDAQ(IXIC.US)  slid 1.89% to 19,489.68. The major averages traded higher earlier in the day before rolling over.

2. Quick News

Saudi Public Investment Funds' Assets Reach SAR 160.1 Billion in Q3 2024

The assets managed by public investment funds in Saudi Arabia have increased to SAR 160.1 billion in the third quarter of 2024, marking a 10% growth from the SAR 145 billion recorded in the second quarter of 2024, according to data provided by the Saudi Central Bank (SAMA).

Saudi Cement Sales Surge 19% to 5.23 Million Tons in December 2024

In December 2024, the combined sales volumes of 17 Saudi cement producers experienced a significant increase of 19%, reaching 5.23 million tons, up from 4.39 million tons in the previous year, as reported by Yamama Cement Co. This growth was driven by a surge in domestic sales, with 13 companies noting higher sales volumes for the month. United Cement Co. led the increase with a 75.4% year-on-year rise, followed by Al Jouf Cement Co., which saw a 56.6% leap.

OPEC Oil Output Declines in December, Led by UAE and Iran

OPEC oil output fell in December after two months of increases. According to a survey conducted on Tuesday, OPEC pumped 26.46 million barrels per day in December, marking a 50,000 barrels per day (bpd) reduction from November's figures. The United Arab Emirates (UAE) was identified as the largest contributor to this decline in production output.

3. Stocks To Watch

KSA Stocks

Nice One to Debut on TASI Today

Nice One Beauty Digital Marketing Co.(4193.SA)  will start trading on the Main Market (TASI) today.Nice One offered 34.65 million shares, or 30% of its post-IPO capital.  During the retail offering,  418,120 investors subscribed to the company’s IPO shares at a final price of SAR 35 apiece, with total retail requests of nearly SAR 908 million.  A minimum of eight shares were allocated to each investor. Institutional investors’ IPO was 139.4x oversubscribed.

Tanmiah Food Company Subsidiary to Construct 100 Poultry Broiler Houses

Tanmiah Food Co(2281.SA)  has announced that its subsidiary, Agricultural Development Company (ADC), has entered into a contract with Chengdu Design & Research Institute (CDI) for the construction of 100 poultry broiler houses. The scope of the contract encompasses the construction and preparation of necessary infrastructure, equipment, and the broiler houses themselves.

UIHC 2024 Net Profit up 5% to SAR 222.4M

United International Holding Co.(4083.SA)  announces the estimated financial results for the period ending on 31 December 2024.

United Electronics Co.(4003.SA)  announces the Estimated financial results for the period ending on 31 December 2024 

Salama Cooperative Insurance Co. Announces Successful Rump Offering and Rights Issue

Salama Cooperative Insurance Co.(8050.SA)  has declared the successful completion of its rump offering, which saw an oversubscription rate of 612%. All available rump shares, totaling 1,313,925, were fully sold, indicating a strong investor interest and confidence in the company's offerings.

USA Stocks

Amazon to Invest $11 Billion in Georgia for Cloud and AI Infrastructure

Amazon.com, Inc.(AMZN.US)  announced on Tuesday a substantial investment of $11 billion in Georgia through its cloud division, Amazon Web Services (AWS). This investment is geared towards enhancing the infrastructure for cloud computing and artificial intelligence technologies. As part of the investment in Butts and Douglas counties, AWS Vice President of Economic Development, Roger Wehner, stated that the company expects to create more than 550 high-paying jobs, highlighting the positive impact this investment will have on the local economy and workforce.

Nvidia Stock Closed Tuesday Down 6% After Hitting All-Time Highs

NVIDIA Corporation(NVDA.US)  saw its stock close 6% lower on Tuesday. The decline came on the heels of product announcements made at CES 2025, which may have influenced investor sentiment. Additionally, broader market weakness, triggered by economic data released on Tuesday morning, seems to have also impacted Nvidia's stock performance. 

4. Saudi Stock Calendar