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Tadawul Shares End Monday Higher Ahead of Saudi Q1 GDP Growth Rate Data

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The Tadawul All Share Index closed Monday 0.41% in the green as investors await Saudi Arabia's latest GDP growth rate numbers on Tuesday.

Aside from the upcoming economic releases, which include China's latest inflation print for May, investors are also focusing on the Middle Eastern conflict.

Reuters reported that Israel and Iran launched attacks against each other. The Israeli side struck a petrochemical facility, while the Iranian side launched a retaliatory strike against a similar facility in Israel.

"Iran targeted Israel with a missile attack yesterday after an Israeli strike in Beirut, while Israel's military has responded with strikes against targets in Iran overnight. The IRGC warned yesterday evening that its actions would mark 'a full week of continuous strikes', but there are also signs that the sides are looking to avoid a full escalation, with Axios reporting Israel strikes were 'relatively limited' in scope and Iranian state media denying that it launched a strike towards a US airbase in Saudi Arabia after a missile alert there," Deutsche Bank Research said in a note.

Also affecting sentiment is the decision of OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, to increase crude production by 188,000 barrels per day in July. Saudi Arabia, the de facto leader of the group, will be required to produce 10.4 million barrels per day during the month.

Against this backdrop, Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, lowered its main crude oil prices for its buyers in North West Europe, Mediterranean, North America, and Asia in July. Aramco shares ticked up 0.59% at closing.

Meanwhile, Bank AlJazira (SASE:1020) shares closed 0.70% higher as it disclosed its plans to redeem its tier 1 capital certificates worth $500 million on June 29.

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