Tadawul Equities End Lower Ahead of Saudi's April Exports, Import Data
The Tadawul All Share Index closed on Wednesday at 0.25% in the red ahead of the kingdom's latest export and import numbers on Thursday.Aside from the local economic releases, market watchers will also tune in to the US' final GDP growth rate data for the first quarter, as well as the progress of the final US-Iran peace deal.US President Donald Trump said in a Truth Social post that Iran agreed to "infinity" nuclear inspections. However, the Middle Eastern nation denied that it raised its nuclear program during its discussions on Monday. The statements raised concerns regarding the peace deal and its effect on energy prices."A potential peace deal between the United States and Iran paves the way for lower energy prices over the next 12-18 months, once constraints on global trade and supply ease. However, near-term risks remain. While the overall trajectory for oil prices is lower, ongoing risks and delays in restoring supply conditions will likely keep prices above pre-war levels in the coming months," Wells Fargo Investment Institute said in a note.Back at home, Ades Holding (SASE:2382) shares ticked up 2.53% as its Ades Saudi Ltd. subsidiary agreed to buy Saudi Arabian Saipem Ltd. from Saipem International for $285 million.Meanwhile, the board of Takween Advanced Industries (SASE:1201) proposed to reduce its capital to 245.3 million Saudi riyals to optimize its capital structure via offsetting accumulated losses. Shares of the plastics packaging and non-woven fabric company closed 0.40% in the green.
