2 stories mentioning SASE:4031
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Arqaam Capital on Tuesday reduced its price target for airport ground-handling services company Saudi Ground Services (SASE:4031) to 47.50 Saudi riyals from 57 riyals, while maintaining its buy rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
Saudi Exchange-traded shares closed Tuesday higher, with the Tadawul All Share Index 0.10% in the green as investors assessed the latest updates of the Iran-US conflict.A US official said that President Donald Trump was "unhappy" with Iran's proposal, which recommended shelving the nuclear discussions until the blockade issue in the Strait of Hormuz is resolved."The Wall Street Journal have reported overnight that Trump and his officials are sceptical of Iran's offer (that we mentioned yesterday) to reopen the Strait of Hormuz while leaving nuclear negotiations for later. The WSJ report suggested that the White House is likely to offer Tehran a counterproposal in the coming days. Earlier yesterday, White House Press Secretary Leavitt said that Trump had discussed Iran's proposal with his national security officials on Monday morning and maintained 'red lines' on any deal to end the war," Deutsche Bank Research said in a note.Further to this, Saudi Arabia will hold a summit with the leaders of the Gulf Cooperation Council in Jeddah. The talks will focus on forming a response to Iran's attacks in the regions.On the corporate front, Saudi Ground Services Co. (SASE:4031) secured a five-year contract to deliver passenger boarding bridge services at the King Khalid International Airport in Riyadh. Shares of the passenger and aircraft ground-handling services company closed 0.06% higher.Meanwhile, the kingdom is expected to cut the Asia-bound prices per barrel for its flagship Arab Light crude in June by $5 to $12 per barrel, Reuters reported, citing a survey of Asian refining sources. The reported move was attributed to the cooling demand for crude.