Saudi Shares End Week Lower; National Building and Marketing Ticks Up
The Tadawul All Share Index closed out the week 0.20% in the red on Thursday as investors kept their attention on the Iranian-Qatari talks regarding the US-Iran conflict.Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani will visit Iran in a bid to mediate the US-Iran talks, as well as de-escalate the conflict between the two nations.In other news, market watchers also tuned in to the latest economic releases of the US and their potential effect on the US Federal Reserve's next rate moves."Core PCE, the Federal Reserve's preferred inflation gauge, printed in line with expectations at 0.2% month-on-month and 3.3% year-on-year, suggesting disinflation remains on track but at a frustratingly gradual pace. Headline PCE came in slightly firmer at 0.2% MoM and 3.7% YoY, prompting a small hawkish repricing in the USD curve," ING said in a note. "Overall, we remain reasonably confident in our call for the Fed to hold on 16 September and, by extension, in a weaker dollar. That said, the next three weeks may need to bring a more convincing combination of data and Fedspeak before markets move closer to a hold outcome."Back at home and on the corporate front, MSGA Investment Co. (SASE:9655) shares declined 0.83% as its MSGA Al-Oula Real Estate Development unit entered into a nonbinding memorandum of understanding with Riyadh Holding to look into potential deals to develop a land plot in the Al Mahdiyah district.Meanwhile, Wajd Life Trading (SASE:9647) and National Building & Marketing Co. (SASE:9510) reported higher attributable net profit and revenue for the six months ended June 30. Shares of Wajd Life closed 1.64% lower, while National Building shares were 8.67% higher.
