Saudi Equities Extend Losing Streak; Nofoth Food Products Ticks Down
The Tadawul All Share Index plunged as it closed Monday trading at 1.06% in the red as investors focused on the latest updates on the US-Iran conflict.Iran and the US reportedly struck an agreement to pause their attacks against each other, Reuters reported, citing an unnamed US senior official. The source added that the two parties will reportedly continue their talks to reach a final and permanent peace deal in Qatar on Tuesday."Over the weekend, the conflict intensified further with additional strikes on vessels and military targets, leading to heightened maritime security risks and the Joint Maritime Information Center raising the threat level in the Strait to 'substantial.' However, overnight developments suggest a tentative de-escalation, with the US and Iran reportedly agreeing to halt further attacks ahead of renewed technical talks in Doha this week. Both sides are said to be standing down for now, allowing shipping flows to continue, although disputes over key provisions of the memorandum of understanding-particularly around control and potential costs for transit through Hormuz-mean the situation remains fragile and risks to regional stability persist," Deutsche Bank Research said in a note.Back at home, Saudi Research and Media Group (SASE:4210) shares ticked down 0.21% as its Taoq Public Relations unit secured a three-year contract to deliver media and marketing services to an undisclosed commercial company.Meanwhile, Nofoth Food Products Co. (SASE:2288) entered into a 180-day nonbinding memorandum of understanding to buy a 70% stake in Al Waal Al Bari Beverages. Shares of the food and bakery company closed 1.48% lower.Looking ahead for the week, the local economic calendar will see the release of the kingdom's unemployment data, consumer confidence index, and foreign direct investment figures for the first quarter on Tuesday.
