Saudi Shares Start Week Higher Amid US-Iran Focus
The Tadawul All Share Index closed trading at 0.10% in the green as the latest geopolitical updates of the US-Iran conflict took the global spotlight on Sunday.Iran and the US launched back-and-forth strikes against each other in Gulf states. The missile and drone attacks resulted in Iran closing the Strait of Hormuz again."Asian stocks rose sharply on Friday, led by chip and AI firms as investors brushed off concern over the stalled recovery of energy supplies through the critical Strait of Hormuz, with tit-for-tat attacks escalating between the U.S. and Iran. The renewed back-and-forth attacks have further eroded the fragile three-week-old ceasefire, bringing the spotlight back on oil prices and what they could mean for inflation and the global rates outlook," United Securities LLC said in a note.Looking ahead, the economic calendar will see the release of the US' June inflation print on Tuesday, with Saudi Arabia following suit on Wednesday.Back at home and on the corporate front, Knowledge Economic City Co. (SASE:4310) shares ticked up 1.11% as it signed a nonbinding term sheet to create a closed-ended private real estate investment fund for the Multaqa Almadinah project's Multaqa Hospitality Cluster 1.Meanwhile, Umm Al Qura for Development and Construction Co. (SASE:4325) entered into reservation deals with Watheeq Real Estate Opportunities Second Fund for the sale of three land plots in Makkah. Shares of the real estate developer closed 2.02% higher.
