SASE:4263

5 stories mentioning SASE:4263Updated 1d ago

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Saudi Equities Plunge on Wednesday as Middle Eastern Conflict Widens

Saudi Exchange-traded shares tumbled on Wednesday as the widening Middle Eastern conflict pushed the Tadawul All Share Index 1.25% in the red.The US and Saudi Arabia launched joint attacks on Iran-backed targets in Iraq, signaling the potential widening of the war. The strikes were made as retaliation for drone attacks on oil targets in the Saudi Arabian nation, media reports said."After a heavy sell-off in the oil market over the last three days, prices popped higher in early morning trading, with Brent up more than 4% at the time of writing. Renewed strength comes after the US said it intercepted a surprise attack on US troops. Saudi Arabia intercepted drones from Iranian-backed groups in Iraq, which were targeting Saudi energy infrastructure," ING said in a note. "These developments throw cold water on the idea of a swift de-escalation in the Persian Gulf."Further to this, Iran reportedly rejected Oman's proposal on the operations of the Strait of Hormuz, Reuters reported, citing an Iranian official. The source said that the proposal was "unreasonable" since it would not serve the Middle Eastern country's interests.Meanwhile, market watchers are also turning their attention to the US Federal Reserve's rate decision, which is just hours away. Policymakers are expected to hold.Back at home and on the corporate front, SAL Saudi Logistics Services (SASE:4263), First Milling Co. (SASE:2283), and Riyadh Cables Group (SASE:4142) posted their financial results for the first half of 2026. All three stocks reported higher revenue and attributable net profit for the six months ended June 30.SAL Saudi Logistics and First Milling rose 4.53% and 3.55%, respectively. Riyadh Cables, on the other hand, declined 0.87% at closing.

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Asia Markets32d ago

Tadawul Shares Start Week Lower on Renewed Middle Eastern Geopolitical Tensions

Stocks trading in Saudi Arabia started the week lower as the renewed attacks between the US and Iran pushed the Tadawul All Share Index 0.23% in the red on Sunday.The potential reescalation of the US-Iran war dominated global headlines as Iran launched retaliatory attacks on US military targets in Bahrain and Kuwait after US President Donald Trump warned of potential military action against Iran.Investors are now raising concerns regarding the fragility of its interim peace deal as the back-and-forth attacks prompted both parties to accuse one another of violating the agreement.Back at home, Adeer Real Estate (SASE:9634) shares closed 5.47% lower as it entered into an exclusive marketing and sales services deal for the 850-room Millennium Hotel in Makkah.Meanwhile, SAL Saudi Logistics Services (SASE:4263) via its SAL Ground Handling unit secured a one-year renewable deal to deliver ground handling and air cargo services for Singapore Airlines' operations in the Riyadh-based King Khalid International Airport. Shares of the company ticked down 0.89% at closing."Partnering with a globally respected carrier such as Singapore Airlines is a testament to the quality and reliability of SAL's ground handling and air cargo services. Through this agreement, we are committed to delivering world-class operational standards that support the growth of the Kingdom's aviation and logistics sector and reinforce its position as a global hub for transport and logistics, in line with Saudi Vision 2030," the logistics company's Chief Executive Officer Omar bin Talal Hariri commented.

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Asia Markets50d ago

Tadawul Equities Closer Lower as Saudi's Industrial Production Declines in April

The Tadawul All Share Index closed Wednesday 0.92% lower as the continued decline of Saudi Arabia's industrial production dampened investor sentiment.Official preliminary data from the General Authority for Statistics showed that the kingdom's industrial production index dropped 19.1% annually in April. The decrease was attributed to a decline in all mining and quarrying, as well as the manufacturing activities in the country. Month over month, industrial production fell 6.8%.Also affecting sentiment is the reescalation of the conflict between the US and Iran. The Middle Eastern country launched retaliatory drone and missile attacks on US bases in Bahrain, Kuwait, and Jordan. Meanwhile, the US struck Iran's air defense, surveillance radar facilities, and ground control stations."Over the past 24 hours, the conflict between the US and Iran has escalated again following American strikes launched in direct response to the downing of a US Army Apache helicopter over the Strait of Hormuz," Deutsche Bank Research said in a note. "The exchange has underscored the fragility of the April ceasefire and cast fresh doubt over President Trump's repeated assertions that a broader peace deal was close."Back at home and on the corporate front, National Co. for Learning and Education (SASE:4291), d/b/a NCLE, edged down 0.15% despite logging a 18.535% increase in attributable profit and a 14.857% jump to its revenue for the fiscal third quarter.Meanwhile, SAL Saudi Logistics Services (SASE:4263) secured a renewable yearly contract to deliver air cargo ground handling and other operational services for Fly Khiva Group. Shares of the logistics group ticked up 0.47% at closing.

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Asia Markets88d ago

Tadawul Shares Start Week Flat as Corporate Earnings Roll In, OPEC+ Focus

The Tadawul All Share Index started the week subdued at 0.05% in the green on Sunday as investors focused on OPEC+'s next crude output policy after the United Arab Emirates' exit from the group.The seven members of the OPEC+ agreed to raise crude production in June by 188,000 barrels per day, with the group continuing to monitor market conditions for market stability. Saudi Arabia, the de facto leader of the group, will be required to produce 10.3 million barrels per day for the month.In other news, US President Donald Trump warned of the potential resumption of military strikes if Iran "misbehaves". On the Iranian side, Foreign Minister Seyed Abbas Araghchi said that it is open to diplomatic talks as long as the US switches its approach.Back at home, Arabian Centres Co. (SASE:4321), d/b/a/ Cenomi Centers, and Umm Al Qura for Development and Construction (SASE:4325) posted lower results for the first quarter of 2026. Meanwhile, SAL Saudi Logistics Services (SASE:4263) logged a 2.297% and 16.072% increase in net profit and revenue, respectively."Net profit increased by 2.3% compared to the same quarter last year, reaching SAR 156.6 million versus SAR 153.1 million. This increase was mainly driven by the growth in revenue from the Cargo Ground Handling Division, along with the Company's continued focus on enhancing operational efficiency, improving business agility, and optimizing costs, reflecting the overall resilience of its performance," SAL Saudi Logistics Services said in its report.SAL Saudi Logistics Services and Cenomi Centers ticked up at 0.30% and 1.99% at closing, while Umm Al Qura for Development closed 0.99% lower.Looking ahead to the week, the economic calendar will see the release of Saudi Arabia's April edition of the Riyad Bank Purchasing Managers' Index on Tuesday, and the April unemployment figures of the US on Friday.

^TASISASE:4263SASE:4321SASE:4325

Research100d ago

HSBC Trims SAL Saudi Logistics Services PT, Keeps Hold Rating

HSBC on Monday decreased the price target for logistics company SAL Saudi Logistics Services (SASE:4263) to 165.00 Saudi riyals from 170.00 riyals, while maintaining its hold rating on the stock.(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://finwires.com/en/contact)

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