Most Important News

1. IMF Revises Down Saudi Arabia's 2025 Growth Forecast to 3%;
2. Mobily Q1 2025 Profit Rises 20% to SAR 767 Million;
3. Al Rajhi Bank Profit Rises 34% to SAR 5.91B in Q1 2025;

1. Market Summary

Saudi Arabia’s Tadawul All Shares Index(TASI.SA) rebounded on Tuesday, gaining 37.74 points or 0.33% to close at 11,586.40. Meanwhile, the Kingdom's parallel market, Parallel Market Capped Index (NomuC)(NOMUC.SA), edged down by 1.24% to close at 28,281.76.

In a typical recent trend for US markets, the three major indices experienced a collective rise following the Trump administration's conciliatory remarks on recent conflicts. By the close, the S&P 500 index(SPX.US) gained 2.51%, the NASDAQ(IXIC.US) rose 2.71%, and the Dow Jones Industrial Average(DJI.US) increased by 2.66%.

2. Quick News

IMF Revises Down Saudi Arabia's 2025 Growth Forecast to 3%

The IMF's April report forecasts Saudi Arabia's economy to grow by 3% in 2025, down from the previous 3.3% estimate. The 2026 GDP growth projection was also reduced to 3.7% from 4.1%. The IMF cited global policy shifts and uncertainty as factors impacting growth.

Trump Eases Pressure on Powell, Markets Rally

US President Trump, who previously criticized Federal Reserve Chairman Powell for not lowering interest rates quickly enough, stated on Tuesday that he has no intention of firing Powell despite his dissatisfaction. Trump clarified that media reports suggesting otherwise are false and reiterated his desire for more aggressive rate cuts. Analysts believe this remark calms market tensions, leading to a post-market rally.

US Treasury Secretary Sees Easing of US-China Trade Tensions

US Treasury Secretary Scott Besant indicated that US-China trade tensions might soon ease during Tuesday's JPMorgan-organized event in Washington. Besant reportedly stated that current high tariffs function as a "blockade," nearly halting trade between the nations. He emphasized that Washington does not seek economic "decoupling" from China. Despite his optimism, formal negotiations have not yet begun.

3. Stocks To Watch

KSA Stocks

Mobily Q1 2025 Profit Rises 20% to SAR 767 Million

Etihad Etisalat Co.(7020.SA) (Mobily) reported a net profit of SAR 767 million in Q1 2025, up 20% from SAR 638 million in Q1 2024. However, net earnings fell 21.7% from SAR 979 million in Q4 2024. Total shareholders' equity, excluding minority interest, reached SAR 18.63 billion by March 31, 2025, compared to SAR 18.26 billion a year earlier.

In detail:

UCIC Sets IPO Price Range at SAR 47-50/Share

United Carton Industries Co. (UCIC) announced the IPO price range on TASI at SAR 47-50 per share. The book-building process for participating entities will run from April 22-28. UCIC plans to offer 12 million shares, representing 30% of its SAR 400 million capital. The retail offering will be from May 12-13.

Al Rajhi Bank Profit Rises 34% to SAR 5.91B in Q1 2025

Al Rajhi Bank(1120.SA) reported a net profit of SAR 5.91 billion for Q1 2025, a 34% increase from SAR 4.41 billion in Q1 2024. The rise was driven by a 27.3% hike in gross operating income, attributed to higher net financing and investment income, banking services fees, other operating income, and foreign exchange gains.

In detail:

Saudi Electricity Shareholders to Vote on 7% Dividend for 2024 on May 13

Saudi Electricity Co.(5110.SA) (SEC) shareholders will vote on a 7% cash dividend for 2024, or SAR 0.70 per share, at an extraordinary general assembly on May 13. The dividend totals SAR 2.91 billion, based on the SEC's SAR 41.66 billion capital and 4.16 billion shares. Payment will be made within 15 working days after the record date.

USA Stocks

Crypto Stocks Surge Amid Regulatory Clarity Hopes

Crypto-related stocks soared, with Coinbase Global, Inc.(COIN.US) up over 8% and MicroStrategy Incorporated Class A(MSTR.US) nearly 8% higher. President Trump emphasized the urgent need for clear regulatory policies in the cryptocurrency sector, suggesting SEC Chairman Paul Atkins as the best candidate to ensure regulatory certainty.

Tesla Shares Surge Over 5% Post-Earnings Despite Poor Results

Tesla Motors, Inc.(TSLA.US) shares surged over 5% in after-hours trading on Tuesday. Despite disappointing Q1 earnings with significant declines in revenue and profit due to reduced vehicle deliveries, markets celebrated Elon Musk's renewed focus on the business. Musk announced plans to significantly reduce his time on DOGE starting in May, aiming to devote more attention to Tesla. He also reiterated his commitment to advocating for tariff reductions.

4. Saudi Stock Calendar