The Tadawul All Share Index closed on Wednesday 0.17% lower as market watchers await Saudi Arabia's latest inflation print on Thursday, as well as the outcome of the US visit to China.
US President Donald Trump is set to meet his Chinese counterpart, Xi Jinping, at a two-day summit in Beijing, China. The meeting will focus on Trump's request to "open up" the Asian nation to American businesses.
"The premise for the meeting between the leaders of the US and China has changed on multiple fronts since Trump and Xi agreed on a trade war truce in Busan last October," Danske Bank said in a note. "The countries could agree on China increasing purchases of US agricultural goods, an extended tariff truce and establishment of mutual trade and investment 'boards', though these should be seen as largely symbolical. Change in the wording of US policy on Taiwan would be a major victory for China."
Dampening sentiment during the session, the Saudi Air Force reportedly launched retaliatory attacks on Iran. The strikes were reportedly followed by diplomatic talks to de-escalate the situation, Reuters reported, citing Iranian and Western officials.
On the corporate front, Advanced Building Industries (SASE:2240), d/b/a Senaat, ticked up 1.34% as its Advance Construction Solutions Co. for Projects, or Zodcon, unit secured a 20-month project to develop a multi-purpose facility for the TKE Alat Manufacturing Co. joint venture.
Meanwhile, Almasane Alkobra Mining (SASE:1322), d/b/a Amak, restarted the operations of its Al Masane plant after a 16-week operations halt. The facility processes base metals, zinc, and copper concentrates. Shares of the mining company closed 0.62% in the red.