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.