Tadawul Share Plunge as Saudi Arabia Shuts Down East-West Oil Pipeline
The Tadawul All Share Index plunged 1.30% in the red on Sunday as the widening Middle Eastern conflict raised concerns regarding oil supply.Saudi Arabia closed its East-West oil pipeline as a precautionary measure after an Iraq-originated drone attack. The move resulted in injuries and damage, Reuters reported."The Ministry of Foreign Affairs expresses the Kingdom of Saudi Arabia's strongest condemnation of targetting the East-West Pipeline in the Riyadh and Madinah regions by several drones launched from Iraq, which resulted in injuries and some damage that is currently being recovered," the kingdom's Ministry of Foreign Affairs said. "The Kingdom of Saudi Arabia affirms that it reserves its right to take all necessary measures to safeguard its sovereignty and security, protect its facilities, and ensure the safety of its citizens and residents."In other news, another vessel was attacked in the Strait of Hormuz as Iran and other Gulf countries are set to meet in Oman for the waterway's future operations and routes.On the corporate front, Dar Al Majdiah Real Estate (SASE:4326) shares closed 0.16% higher as it entered into an agreement with Jadwa Al Maqar Real Estate Fund to serve as a developer for the Mishraf Al Majdiah in Madinah.Meanwhile, insurers Allied Cooperative Insurance Group (SASE:8150) and Salama Cooperative Insurance (SASE:8050) received the Insurance Authority's clearance to sell their tourist and domestic workers' contract insurance products in Saudi Arabia.Allied Cooperative and Salama Cooperative closed 4.96% and 3.18% in the red, respectively.
