Tadawul Shares Close Monday Lower Amid US-Israel Meeting Jitters
The Tadawul All Share Index closed lower on Monday at 0.11% in the red as market watchers kept their attention on updates regarding the US-Israel meeting slated for the day.Reuters reported that US envoy Jared Kushner is set to meet Israeli Prime Minister Benjamin Netanyahu to discuss US President Donald Trump's Gaza peace plan. The meeting follows Israeli attacks on the Gaza Strip, which caused casualties and injuries.In other news, investors continue to monitor the activity in the Strait of Hormuz. Shipping on the route has visibly slowed down as the conflict in the Middle East continues."Prices remained supported by renewed fighting in Lebanon and attacks on vessels in the Strait of Hormuz, raising concerns over regional supply disruptions and complicating prospects for a US-Iran deal. Several vessels, including ships linked to Abu Dhabi National Oil Co., were reportedly targeted in the waterway late last week," ING said in a note.Back at home, Naf Co. for Feed for Industry (SASE:9644) shares surged 20.55% as its board recommended increasing its capital to 30 million Saudi riyals through bonus share issues. The capital boost is set to boost the animal feed producer's financial position.Meanwhile, Scientific and Medical Equipment House (SASE:4014) entered into a deal to deliver catering services to the General Administration of Medical Services of the Armed Forces' hospitals. Shares of the medical device company closed 0.58% in the green.
