Most Important News

• Jahez Shares Begin Trading on Main Market Today
• FTSE Russell Updates Saudi Aramco Weighting to 2.38%
• Samsung Pay Launches in Saudi Arabia, Boosting Digital Payments

1. Market Summary

Saudi Arabia's Tadawul All Shares Index(TASI.SA) increased by 1.19% and the Parallel Market Capped Index (NomuC)(NOMUC.SA) increased by 0.92% Yesterday.  The Mediterranean and Gulf Insurance and Reinsurance Co.(8030.SA) emerged as the top performer, while Walaa Cooperative Insurance Co. (Tradable Rights)(80602.SA) witnessed the most significant drop.

As of Monday’s close, the S&P 500 index(SPX.US) decreased by 0.61%, the NASDAQ(IXIC.US) fall by 0.62%, and the Dow Jones Industrial Average(DJI.US) decreased by 0.54%.

2. Quick News

Riyadh Metro Launches, Costs $25B, Offers Global Efficiency

The Riyadh Metro project, costing $25 billion, is the most cost-efficient of its scale globally, Minister Ibrahim Al-Sultan stated. Operating since Dec. 1, 2024, its six driverless lines promise significant economic benefits, including a SAR 3.5 return per riyal invested, with 40% of operating costs expected to be covered by revenue.

Samsung Pay Launches in Saudi Arabia, Boosting Digital Payments

Samsung Pay is now available in Saudi Arabia, integrating with the mada system to provide a secure, convenient cashless payment option. The Saudi Central Bank announced the launch as part of Vision 2030 initiatives to enhance financial inclusion and fintech growth. The service utilizes advanced security features like tokenization and biometric authentication.

US Businesses Eye Opportunities in Saudi Market at Riyadh Forum

At the Saudi-US Business Forum in Riyadh, US companies explored new opportunities in energy, transportation, tourism, and healthcare, aligning with Saudi Vision 2030. The forum, attended by government officials from both countries, highlighted potential investments in mega-projects and the $7 trillion in government spending. The event aims to strengthen bilateral economic ties.

3. Stocks To Watch

KSA Stocks

FTSE Russell Updates Saudi Aramco Weighting to 2.38%

FTSE Russell announced an immediate increase in Saudi Arabian Oil Co.(2222.SA)'s weighting from 1.85% to 2.38%, effective alongside the December 2024 quarterly review starting Dec. 23. This adjustment aligns with plans disclosed in November 2023 for the FTSE Global Equity Index review.

Jahez Shares Begin Trading on Main Market Today

The Saudi Exchange announced that  Jahez International Company for Information System Technolog(9526.SA) shares are now trading in the Main Market as of December 10, 2024. Listed under the symbol (6017) in the Consumer Services sector, the shares have daily price fluctuation limits set at 10%.

Saad Hussain Dajam Group Approved to Float 20% on Nomu

Saad Hussain Dajam Industrial Group received CMA approval to offer 2.05 million shares, representing 20% of its capital, on the Nomu-Parallel Market. The IPO, limited to qualified investors, must be completed within six months. Established 35 years ago, the group operates in transportation, real estate, contracting, and industrial sectors.

Al Battal Factory IPO Price Range Announced at SAR 54-63

Yaqeen Capital Co.(9602.SA) announced that Al Battal Factory for Chemical Industries' IPO on Nomu-Parallel Market will offer 670,000 shares at SAR 54-63 each. Book-building for qualified investors runs Dec. 15-19. The offering includes 20.09% of post-IPO capital, combining newly issued and shareholder-sold shares. Established in 2007, the company manufactures cellulose ether products.

USA Stocks

Microsoft Shareholders to Vote on Bitcoin Asset Inclusion

Microsoft Corporation(MSFT.US) shareholders will vote on December 10 to decide whether to evaluate adding Bitcoin to its balance sheet. The board recommends against it, citing that Bitcoin is already considered in its investment strategy. Founder Bill Gates, skeptical of cryptocurrency's speculative nature, aligns with this stance.

Apple Stock Hits New High, Market Value Surpasses $3.7 Trillion; Expands Retail Business in Saudi Arabia

Apple Inc.(AAPL.US) 's stock rose 1.61% yesterday, with a 9.35% increase since November. The company announced plans to launch its official online store in Saudi Arabia by summer 2025 and open several flagship retail stores in the country starting in 2026. Additionally, Apple is rumored to integrate its own 5G modem chip into the upcoming iPhone SE 4, although performance may not match competitors until 2026.

Mondelez Explores Acquisition of Hershey, Shares Soar 10%

Mondelez International, Inc. Class A(MDLZ.US)  is reportedly in talks to acquire Hershey, a major US chocolate manufacturer, potentially creating a $50 billion food giant.  Hershey Company(HSY.US)'s stock surged over 7% following these rumors.

4. Saudi Stock Calendar