2 stories mentioning SASE:8250Updated 20d ago
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Al Rajhi Capital on Tuesday increased the price target for insurance company Gulf Insurance Group (SASE:8250) to 32.00 Saudi riyals from 30.00 riyals, while keeping its overweight 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://www..com/contact-us)
The Tadawul All Share Index closed Wednesday 0.52% in the red as investors tuned in to the latest updates regarding the peace deal between the US and Iran.A Pakistani source reportedly said that the US and Iran are set to finalize a one-page memorandum to conclude the Middle Eastern conflict. The 14-point deal reportedly included the unfreezing of Iranian funds, sanctions lifts, and others.In other news, Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, lowered North West Europe, Mediterranean, and Asian main crude oil prices in June. Price tags for the North American region, meanwhile, were unchanged. Aramco shares closed 2.81% lower."Oil prices are under renewed pressure as the ceasefire between the US and Iran appears to be holding despite recent escalation in the Persian Gulf," ING said in a note. "Saudi Arabia cut its official selling price for its flagship Arab Light to Asia for June. The OSP was cut from a record US$19.50/bbl premium over the benchmark in May to US$15.50/bbl. This is still the second-highest OSP on record. Crucially, this price assumes loadings from Ras Tanura, which sits in the Persian Gulf. This is clearly not happening. Instead, crude is being loaded at Yanbu on the Red Sea coast. As a result, final prices may be higher to reflect the logistical costs of shipping from the Red Sea."Back at home, earnings from insurance companies largely dominated headlines in Saudi Arabia. Gulf Insurance Group (SASE:8250), The Co. For Cooperative Insurance (SASE:8010), d/b/a Tawuniya, posted higher results for the March quarter. However, Malath Cooperative Insurance (SASE:8020) logged a decline in attributable profit and insurance revenue for the period.Gulf Insurance, Tawuniya, and Malath Cooperative all closed higher at 9.08%, 6.20%, and 1.35%, respectively.Meanwhile, Saudi Tadawul Group (SASE:1111) ticked up 2.25% after its board recommended to repurchase up to 1,220,000 shares for its employee stock incentive plan.
