Asia Markets
Saudi Shares End Tuesday in Red Amid Jitters on US-Iran Meeting Uncertainty
The Tadawul All Share Index closed Tuesday 0.19% in the red as market jitters regarding the uncertainty of the US-Iran peace talks happening sent investors into risk-off mode.As the end of the two-week ceasefire looms, Iran and the US are set to meet in Islamabad, Pakistan, on Wednesday, Reuters reported, citing a Pakistani source. The US will send Vice President JD Vance for the discussions, with the Iranian delegation sending uncertain signals about its participation."Various reporting suggests that Vice President Vance is expected depart to Islamabad today, and we also saw reporting by the New York Times and others that Iran is also sending a team to Islamabad for negotiations. With a spokesman for Iran's foreign ministry earlier saying that Tehran had no plans to attend the negotiations, this has given a more positive light on the talks going ahead, though it remains unclear who would lead the Iranian delegation," Deutsche Bank Research said in a note.Back at home, Saudi National Bank (SASE:1180), Riyad Bank (SASE:1010), Al Rajhi Bank (SASE:1120), and Arab National Bank (SASE:1080) posted their financial statements for the first quarter of 2026. All four stocks logged higher net profit and total operations profit for the three months ended March 31."SNB reported SAR6,423mn net income for 1Q26, 1.7% above consensus (Visible Alpha), 2.2% above BofAe, +0.6% QoQ. The bottom line was helped by net release of provisions (-32bpt CoR), which has offset lower than we had expected revenue and higher costs. In the balance sheet, loan growth came in moderate, while deposits accelerated, bringing Loan / Deposit Ratio down," BofA Global Research said.Saudi National Bank and Riyad Bank declined 2.40% and 0.23%, respectively, while Al Rajhi Bank closed 0.42% higher and Arab National Bank ended the session 1.58% in green.Meanwhile, Arabian Internet and Communications Services Co. (SASE:7202), d/b/a Solutions', shares rose 0.68% as it secured a project to design, upgrade, and provide equipment for Saudi Telecom (SASE:7010), d/b/a stc, data centers. Stc shares closed 0.05% higher.
^TASISASE:1010SASE:1080SASE:1120SASE:1180SASE:7010SASE:7202
