SASE:9639

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Saudi Equities Close Tuesday Higher; Anmat Technology Ticks Up

The Tadawul All Share Index closed Tuesday 0.45% in the green as market watchers turn their attention to the outcome of the three-day G7 Summit in France.The Group of Seven wealthy nations, which include the US, Canada, France, Germany, Japan, Italy, and the UK, met in France to discuss global issues, such as the Ukraine-Russia conflict, AI, and other geopolitical topics.Further to this, US President Donald Trump, his Ukrainian counterpart Volodymyr Zelenskiy, and other world leaders held a "very good" meeting that focused on reaching a peace deal for Russia and Ukraine.Back at home, the seasonally adjusted alrajhi capital Saudi Construction Index is back in the expansion territory as it rose to 51.2 in May from 48.5 in April, according to a report by Alrajhi Capital and S&P Global."The alrajhi capital Saudi Construction Index signalled an encouraging return to growth for the sector in May, supported by a rebound in residential activity, renewed growth in new work orders and stronger business expectations. The improvement in residential activity is particularly notable, as it coincides with a relative recovery in mortgage data in Saudi Arabia," Alrajhi Capital Research Head Sultan Altowaim commented. "The outlook improved significantly compared to April, with participants pointing to resilient underlying demand and Vision 2030-related projects."On the corporate front, Anmat Technology for Trading (SASE:9639) signed a deal to provide replacement and expansion services for Saudi Energy Co.'s (SASE SASE:5110) end-user devices. Both Anmat Technology and Saudi Energy closed 11.59% and 0.99% higher, respectively.

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Asia Markets14d ago

Tadawul Shares End Tuesday Muted on Partial Hezbollah-Israel Ceasefire Deal

Saudi Arabian equities were subdued on Tuesday, with the Tadawul All Share Index closing at 0.05% in the green as Lebanon and Israel took steps to de-escalate the Middle Eastern conflict.Investors cheered as Lebanon disclosed a partial ceasefire deal between Israel and Hezbollah. The deal will see Hezbollah cease its attacks on Israel, while the Israeli side will avoid attacking Beirut and Hezbollah-controlled suburbs.Market watchers welcomed the news as an Israel-Lebanon ceasefire deal was one of Iran's conditions to end its conflict with the US. However, the US said that the conflict between Israel and Hezbollah was not related to its conflict with Iran."A little later, further escalatory risks came into play, as Iran also threatened to target northern Israel if Israel continued attacks on Lebanon. That was according to Iran's ISNA news, who cited the country's Central Military Command. This marked a clear shift from the more hopeful tone of last week. The mood did then improve later in the session as Trump sought to de-escalate the tensions in Lebanon, with the US President claiming that Israel and Hezbollah agreed to "stop shooting" at each other after his calls with their respective leaders," Deutsche Bank Research said in a note.Back at home, Axelerated Solutions for Information and Communication Technology (SASE:9637) shares ticked up 3.96% as it signed a memorandum of understanding to acquire a 30% stake in the Shaheen Electronic Insurance Broker platform.Meanwhile, Anmat Technology for Trading (SASE:9639) won a contract from Saudi Energy Co. (SASE:5110) for an end-user device replacement and expansion project in the kingdom. Anmat Technology and Saudi Energy closed 5.86% and 1.65% higher, respectively.

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