Saudi Shares Extend Winning Streak; Al-Jouf Agricultural Development Ticks Up
Saudi Exchange-traded shares extended their rally on Monday as the Tadawul All Share Index closed 0.86% higher, as investors shrugged off the market jitters regarding the latest US-Iran developments.US Treasury Secretary Scott Bessent is expected to disclose new sanctions on Iran later in the day. Iran, however, dismissed the new potential US sanctions and warned that if the conflict continues, it will cease oil exports from the Gulf region.Further to this, Pakistan's Army Chief Asim Munir went to the Iranian capital of Tehran to help mediate the Iranian-US war. Additionally, Iran noted that Oman's Foreign Minister Sayyid Badr Albusaidi will visit the country to talk about the Strait of Hormuz."The conflict is set to stay in the headlines this week, as US Treasury Secretary Bessent has said that he'll be holding a press conference today to outline what he described as 'the greatest coordinated economic isolation in the history of the world'. That follows President Trump's post last week that 'ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences.' Bessent also wrote an article in the FT overnight, in which he referred to an 'economic D-Day'," Deutsche Bank Research said in a note.Back at home and on the corporate front, Hamad Mohammed Bin Saedan Real Estate (SASE:9648) secured a 10-month construction contract for the Dar Hamad 3 project in Riyadh. Shares of the real estate company closed 0.25% lower.Meanwhile, Al-Jouf Agricultural Development (SASE:6070) plans to raise 236.3 million Saudi riyals via an issue of 4.5 million shares. The company noted that Almunajem Foods Co. (SASE:4162) will fully subscribe to the offer, which will raise Almunajem's stake in the company to 20.3%.Al-Jouf Agricultural closed 0.87% higher, while Almunajem Foods ticked down 2.00% at closing.
