TASI Mid-Market Update — February 23, 2026

Saudi Arabia’s benchmark Tadawul All Shares Index(TASI.SA) trended marginally higher in early Monday trading, advancing 0.05% to partially recover from a nearly 2% decline recorded during the previous session. 

The positive momentum in Saudi equities aligned with broader gains across major Gulf stock markets. This regional performance tracked global peers responding to recent macroeconomic developments, specifically shifts in U.S. trade policy following the Supreme Court's ruling on import tariffs and the subsequent temporary adjustment of global tariff rates to 15%. Furthermore, regional investor sentiment was supported by easing geopolitical concerns amid preparations for a third round of nuclear discussions between the United States and Iran.

In terms of individual equity performance, market movements were mixed among major large-cap constituents:

Al Rajhi Bank(1120.SA): Shares of the lender increased by more than 1%, reversing a portion of the sharp 2.9% drop experienced last Thursday, which had marked its steepest single-session decline in nearly five months.

Saudi Arabian Oil Co.(2222.SA): The energy heavyweight slipped fractionally by 0.1% earlier. This slight pullback coincided with sector reports indicating the company has successfully secured sales for multiple shipments of ultra-light crude oil from its Jafurah gas plant to buyers in the U.S. and India, ahead of the facility's inaugural export scheduled for later this month. At the time of this reporting, the stock turns to positive, up by 0.3%.

The Saudi National Bank(1180.SA) up by 1.4%, Saudi Arabian Mining Co.(1211.SA) increases 1.3%, and ACWA POWER Co.(2082.SA) lost by 1%.

Notable News

SNB, SAB and Alinma Sweep Buy Upgrades And Target Hikes

The Saudi National Bank(1180.SA), Saudi Awwal Bank(1060.SA), and Alinma Bank(1150.SA) delivered Q4 2025 net profits that surpassed United Securities’ estimates, highlighted by SAB reaching SAR 2.1 billion. 

SNB and Alinma achieved gross loan expansions of 12% and 13% year-on-year, respectively, alongside solid deposit accumulation. 

This broad-based outperformance was largely driven by robust corporate and retail lending demand, higher net special commission income, and marked asset quality enhancements, evidenced by SNB reducing its non-performing loan ratio from 1.53% to 0.91% through strategic write-offs. 

Consequently, United Securities maintained “Buy” recommendations across the board and raised target prices for The Saudi National Bank(1180.SA) to SAR 49, Saudi Awwal Bank(1060.SA) to SAR 40, and Alinma Bank(1150.SA) to SAR 31. The brokerage projects sustained earnings momentum, forecasting 2026 net profits of SAR 8.8 billion for SAB and SAR 6.2 billion for Alinma amid a constructive macroeconomic outlook.

Al Moammar Signs Tadawul Tech Contract

Al Moammar Information Systems Co.(7200.SA) (MIS) signed a 102.4 million SAR contract with Saudi Tadawul Group Holding Co. for IT systems services. The 12-month agreement, finalized February 19, 2026, aims to provide comprehensive technology solutions. Financial benefits are expected to materialize starting Q1 2026, despite a concurrent 2.78% decline in the MIS share price.

Arabian Drilling Sets 2025 Results Date

Arabian Drilling Co.(2381.SA) announced it will publish fiscal year and fourth quarter 2025 financial results on March 1, 2026. A virtual investor meeting is scheduled for March 2 at 15:00 KSA to discuss the data.

Al-Saif Resigns From ACWA Power Board

ACWA POWER Co.(2082.SA) announced the resignation of non-executive director Fahad bin Abduljalil Al-Saif, effective February 23, 2026. The departure follows a Royal Decree appointing him as Minister of Investment. ACWA shares fell 1%.

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