SASE:9551

2 stories mentioning SASE:9551Updated 1d ago

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Tadawul Shares End Sunday Lower; Saudi Arabia to Reportedly Head to Turkey for Defense Pact Talks

The Tadawul All Share Index started the week at 0.71% in the red on Sunday ahead of Saudi Arabia's reported defense meeting with Turkey and Pakistan on Monday.Sources said that officials from Saudi Arabia, Turkey, and Pakistan are set to meet in Istanbul to discuss their Mecca Joint Defence Agreement that was entered into in August. The talks will focus on international security issues, as well as boosting the countries' defense capabilities, among other topics.Also making headlines during the session is US President Donald Trump's announcement regarding an agreement with a private business that will give the US majority control of Venezuela's proven oil reserves.Back at home, Naas Petrol Factory (SASE:9609) and Al Kuzama Trading (SASE:9636) released their financial statements for the first half of 2026. Naas logged lower results for the six-month period, while Al Kuzama reported a decline in attributable net profit and a rise in revenue."Revenue increased by 5.21% to SAR 158 million, compared to SAR 150 million in the corresponding period of the previous year, driven by growth in the restaurant operations of the existing subsidiaries," Al Kuzama said in its report. "The [net profit] decrease was mainly attributable to a decline in the gross profit margin from 20.7% to 14.2%, due to regional and global geopolitical conditions and their direct impact on food product costs, in addition to higher general and administrative, selling, and marketing expenses."Naas Petrol closed 1.64% higher, while Al Kuzama shares fell 7.62% at closing.Meanwhile, Knowledge Tower Trading (SASE:9551) shares ticked down 3.66% as it entered into a three-year deal to deliver educational curricula and textbooks to Maarif Education Co.

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Asia Markets62d ago

Tadawul Shares Rebound on US-Iran Deal Optimism

Saudi equities rebounded on Wednesday as optimism regarding the potential progress of the US-Iran talks pushed the Tadawul All Share Index 0.53% in the green.Iran and the US are holding technical talks in Qatar in hopes of further advancing their agreements on a permanent ceasefire, as well as the Strait of Hormuz's shipping flow, Reuters reported, citing sources."The oil market continues to take an optimistic view on a supply recovery from the Persian Gulf, despite recent flare-ups between the US and Iran. Indirect talks in Doha this week have reportedly been positive," ING said in a note. "In the natural gas market, QatarEnergy reportedly extended force majeure on some LNG shipments to Asia and Europe until August, and in some cases into early September. This suggests that the LNG market could see a more gradual recovery in supplies following the temporary peace deal between the US and Iran."The meeting in Doha saw US envoys Jared Kushner and Steve Witkoff engage with the Qatari and Pakistani mediators for the talks. Meanwhile, an Iranian official said that the discussions will also focus on the release of its frozen assets worth $6 billion.Back at home, data from the Saudi Central Bank showed that the country's May M3 money supply increased 8.9% year over year, following a 10% growth in the prior month. Meanwhile, private bank lending grew 6.6% in the reporting month, compared with the 7.2% rise in April.On the corporate front, Knowledge Tower Trading (SASE:9551) shares ticked down 4.41% as the educational books retailer logged a 75.3% drop in its attributable net profit and a 26.36% decline in its revenue for the 12 months ended March 31.

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