Most Important News

1. Trump Meets Xi For Beijing Summit
2. East Pipes Annual Profit Soars 50%, Approves SAR 4 Dividend
3. Cisco Soars 19% Following Earnings Beat

At the close of May 13, the Tadawul All Shares Index(TASI.SA) down by 0.17%, closing at 11020.07 points; the Parallel Market Capped Index (NomuC)(NOMUC.SA) up by 0.13%, closing at 22764.02 points. 

S&P 500 futures rose early Thursday after a narrow rally in technology stocks pushed the index to new all-time highs.

S&P 500 index(SPX.US) futures and NASDAQ-100(NDX.US) futures climbed 0.12% and 0.34%, respectively. Futures tied to the Dow Jones Industrial Average(DJI.US) rose by 115 points, or 0.23%.

Shares of Cisco Systems(CSCO.US) surged 19% in extended trading after the software giant issued third-quarter results and guidance that beat Wall Street’s expectations and announced it would be cutting almost 4,000 jobs. On the other hand, shares of Doximity(DOCS.US) stumbled 18% after the company posted revenue guidance for the current quarter and full year that fell short of expectations, as well as a fourth-quarter earnings miss.

Trump Meets Xi For Beijing Summit

US President Donald Trump and President of China Xi Jinping commenced a two-day Beijing summit, marking the first presidential visit since 2017. Following a two-hour dialogue, Xi reported a "positive outcome" regarding trade negotiations. Accompanied by leaders from Apple Inc.(AAPL.US), Tesla Motors, Inc.(TSLA.US), and NVIDIA Corporation(NVDA.US), Trump prioritized market access while Xi warned that unresolved Taiwan issues risk conflict before discussions conclude on Friday.

MOMAH Endorses New Vacant Property Fees

The Ministry of Municipalities and Housing in Saudi Arabia endorsed regulations imposing fees on properties vacant for six months. These annual charges are based on market rent, capped at 5% of the building’s value. The policy aims to increase supply and curb rising housing costs. Implementation zones will be announced following a one-year evaluation period.

OPEC Trims 2026 Growth To 1.2M BPD

OPEC reduced its 2026 global oil demand growth forecast to 1.2 million bpd, down from 1.4 million, citing the Iran war. Conversely, the organization raised its 2027 demand projection to 1.5 million bpd. China’s 2026 economic growth forecast was slightly increased to 4.6% despite significant regional geopolitical tensions.

KSA Stocks

Arab Sea Accumulated Losses Hit 21%

Arab Sea Information System Co.(7201.SA) reported accumulated losses of SAR 21.5 million, reaching 21.45% of its SAR 100 million capital as of March 2026. The capital erosion was caused by SAR 33.6 million in subsidiary establishment costs and a SAR 29 million credit loss provision. Consequently, the company is now subject to specific Tadawul regulatory procedures.

East Pipes Annual Profit Soars 50%, Approves SAR 4 Dividend

East Pipes Integrated Company for Industry(1321.SA) reported a 50.02% surge in annual net profit to SAR 573.3 million for FY2025-26, alongside revenue growth of 25.36% to SAR 2.3 billion. Performance was driven by increased sales volumes and higher average selling prices per ton. The board declared a SAR 126 million dividend for the second half, equating to SAR 4 per share, payable in June 2026.

ADES Secures SAR 181 Million Nigeria Contract

Ades Holding Co.(2382.SA) secured a one-year offshore drilling contract with Belbop Nigeria Limited worth SAR 180.7 million. Capitalizing on a tight global jack-up market, the deal includes a one-year extension option. Operations for the Main Pass IV rig will commence in Q3 2026, strengthening the company's backlog visibility.

USA Stocks

Tesla And Nvidia Gains Lift Market

Alphabet Inc. Class C(GOOG.US) rose 3.94% and Tesla Motors, Inc.(TSLA.US) gained 2.73% as most leading technology stocks moved higher. NVIDIA Corporation(NVDA.US) and Meta Platforms(META.US) also posted gains of over 2%, while Microsoft Corporation(MSFT.US) bucked the trend with a modest 0.63% decline.

US Clears Chinese H200 Chip Purchases

The U.S. Commerce Department cleared $Alibaba, TENCENT HOLDINGS LIMITED(TCEHY.US), and ByteDance to purchase up to 75,000 NVIDIA Corporation(NVDA.US) H200 chips each. CEO Jensen Huang joined President Trump’s Beijing summit to personally unlock the $50 billion Chinese AI market, which previously contributed 13% of revenue. While LENOVO GROUP LIMITED(LNVGY.US) and FOXCONN TECH CO(FXCOF.US) secured H200 distribution rights, geopolitical friction keeps trade in limbo; meanwhile, Nvidia night trading rose over 2%.

Cisco Soars 19% Following Earnings Beat

Cisco Systems, Inc.(CSCO.US) shares soared 19% after reporting revenue of $15.8 billion and $1.06 EPS, both exceeding market expectations. Growth was fueled by surging demand, with hyperscale AI orders revised upward by 80% to $9 billion for fiscal 2026. Cisco announced a 4,000-person layoff to restructure for AI development while guiding for Q4 revenue up to $16.9 billion.

AMD Discloses Multi Million Dollar Portfolio

Advanced Micro Devices, Inc.(AMD.US) revealed a diverse investment portfolio including 65,516 Marvell Technology(MRVL.US) Technology shares worth $10.7 million and 5.71 million Absci(ABSI.US) shares. Driven by a 13F filing disclosure, these moves highlight a strategic pivot. The new $1.5 million stake in Xanadu Quantum Technologies Limited Class B(XNDU.US) signals a push into quantum computing alongside existing biotech and electronics holdings.

Nebius Soars After Massive Revenue Beat

NEBIUS(NBIS.US) revenue reached $399 million in the first quarter, representing a 684% year-over-year surge. The results outperformed the market expectation of $371.4 million. This significant growth, driven by expanded operations, caused shares to soar nearly 16% as investors reacted to the unexpected top-line strength.