Tadawul Shares Extend Winning Streak; OPEC+ Hikes Crude Production Targets for September
The Tadawul All Share Index extended its gains as it closed Monday 1.10% in the green, supported by a flurry of new earnings updates, as well as OPEC+'s latest move on crude production levels.Seven members of OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, confirmed that it will increase crude production levels for September by 188,000 barrels per day. Saudi Arabia, the de facto leader of the group, will produce 10.5 million barrels per day for the month."The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intention to fully compensate for any overproduced volume since January 2024," OPEC+ said.In other news, US President Donald Trump said that the country will hold negotiations with Iran regarding their conflict. The Middle Eastern nation, however, refuted Trump's claims, stating that no meetings were set, media reports said.Back at home, Saudi Cable Co. (SASE:2110), Umm Al Qura for Development and Construction (SASE:4325), and Dar Al Majed Real Estate (SASE:4326) posted lower financial results for the first half. On the other hand, Saudi Reinsurance Co. (SASE:8200) closed 5.72% in the green as it logged jumps in net profit and insurance revenue.Shares of Saudi Cable, Umm Al Qura, and Dar Al Majed closed 0.76%, 2.62%, and 3.13% higher, respectively.Meanwhile, Saudi Automotive Services Co. (SASE:4050), or Sasco, shares were 2.29% higher as its Naft Services unit agreed to sell a land plot to Bayat Real Estate for 44.5 million Saudi riyals.
