Most Important News

• Saudi Banking Sector Leads TASI in Q3 with 15.14% Market Share
• ADES Secures 10-Year Contract Renewals for Two Onshore Rigs in KSA
• SAIC Reports Strong Nine-Month Financial Results

1. Market Summary

The Tadawul All Shares Index(TASI.SA) in Saudi Arabia experienced a notable uptick on Thursday, gaining 66.89 points, or 0.56%, to settle at 11,994.22. The Parallel Market Capped Index (NomuC)(NOMUC.SA) inched higher by 0.29%. 

At the close, the S&P 500 index(SPX.US) index rose 0.61%, reached a new high for the 45th time this year, and for the first time in its history, surpassed the 5,800 point mark; the NASDAQ(IXIC.US) index gained 0.33%; and the  Dow Jones Industrial Average(DJI.US) increased by 0.97%.

2. Quick News

Saudi Delegation Signs $2B in Agreements with Pakistan Amid Economic Growth

A Saudi delegation, led by Investment Minister Khalid bin Abdulaziz Al-Falih, signed over 27 agreements worth more than $2 billion during a visit to Pakistan. Business leaders cited improved regulations and economic stability as key factors for investing in Pakistan, which is positioning itself as a more attractive destination for foreign investments.

Saudi Banking Sector Leads TASI in Q3 with 15.14% Market Share

In Q3 2024, Saudi Arabia's banking sector dominated the Tadawul All Share Index (TASI) with a 15.14% market share, accounting for SR67.5 billion in transactions. Higher interest rates, driven by the Saudi Central Bank, attracted investors to bank stocks. Al Rajhi Bank was a major player, contributing SR22.7 billion in trades. Vision 2030 projects also bolstered strong credit growth in banking, while the materials and energy sectors followed with SR60.2 billion and SR41.07 billion traded, respectively.

Oil Prices Set for Weekly Gain Amid Middle East Supply Concerns

Oil prices dipped slightly on Friday, with Brent crude down $0.73 to $78.67 per barrel. However, they are still on track for a second consecutive weekly gain, driven by concerns over potential disruptions in supply and lower U.S. demand due to recent hurricane damage.

National Housing Launches 1,600 Residential Units in Jeddah Projects

The National Housing Company (NHC) announced the launch of 1,600 new residential units in two Jeddah projects, Al Thuraya and Al-Sadan. Al Thuraya offers over 700 units with commercial amenities, spanning 61,000 sqm in north Obhur. Al-Sadan, covering 592,000 sqm in southern Jeddah, provides more than 900 units with virtual reality tours available. Interested buyers can reserve units at the Restatex Jeddah Exhibition or via the Sakani platform.

3. Stocks To Watch

KSA Stocks

Saudi Aramco to Announce Q3 2024 Financial Results on Nov. 5

Saudi Arabian Oil Co.(2222.SA) will release its Q3 2024 financial results on Nov. 5, followed by a webcast at 3:30 p.m. Riyadh time. The oil giant’s Q2 profit saw a 2.5% drop to SAR 106.16 billion year-on-year, with AlJazira Capital projecting a Q3 net profit of SAR 98.25 billion.

ADES Secures 10-Year Contract Renewals for Two Onshore Rigs in KSA

Ades Holding Co.(2382.SA) has announced a 10-year contract extension for onshore drilling services with Saudi Aramco. The agreement, signed on October 10, 2024, is valued at approximately SAR 946 million and pertains to two rigs, ADES 13 and ADES 14. The contract will commence immediately upon the current firm's expiration.

Saudi Advanced Industries Co. Reports Strong Nine-Month Financial Results

Saudi Advanced Industries Co.(2120.SA) has announced a remarkable increase in net profit, reaching SAR 285.5 million in the first nine months of 2024, compared to SAR 111.2 million during the same period last year. In the third quarter alone, the company reported a profit of SAR 68.3 million.

Riyadh Development Co. Named Developer for SAR 2.1 Billion Fund

Arriyadh Development Co.(4150.SA) has been appointed to develop a SAR 2.1 billion real estate investment fund managed by ANB Capital. The contract, signed on October 10, 2024, involves infrastructure development over 1.8 million square meters in eastern Riyadh, with completion expected in four years. Riyadh Development will hold a 10% stake in the fund.

USA Stocks

Tesla Drops 8% Post-Event, Uber Emerges as a Winner

On Thursday evening, Tesla Motors, Inc.(TSLA.US), the American AI and robotics company, held a product launch event unveiling autonomous vehicles such as the Cybercab and Robovan. However, due to a lack of technical details and vague timelines, Tesla's stock closed down 8.78% on Friday. In contrast, ride-hailing platforms Uber and Lyft saw gains, with Uber Technologies,Inc.(UBER.US) rising 10.81% and Lyft(LYFT.US) up 9.59%.

Eli Lilly CEO: Weight Loss Drug Expected to Gain Approval in Japan Next Year

Eli Lilly and Company(LLY.US) CEO David Ricks announced on Friday that the company’s weight loss drug, Zepbound, is expected to secure approval in Japan by mid-next year. Japan has already granted approval for Eli Lilly’s tirzepatide injection, used in diabetes treatment, which contains the same active ingredient. Upon approval, Eli Lilly plans to continue its distribution partnership with Mitsubishi Tanabe Pharma in the Japanese market.

Boeing to Cut 10% of Workforce, Further Delays First 777X Delivery to 2026

Facing a prolonged strike and worsening cash flow problems, Boeing Company(BA.US) announced plans to reduce its workforce by approximately 10% to mitigate the crisis. CEO Kelly Ortberg, in a memo to employees, mentioned that the layoffs will impact executives, managers, and general staff. By the end of 2023, Boeing employed 171,000 people. Ortberg also revealed that the already delayed first delivery of the Boeing 777X has now been further postponed until 2026.

4. Saudi Stock Calendar