The Tadawul All Share Index ended lower at 0.13% in the red as investors digest reports on US President Donald Trump’s plans to impose another round of tariffs, which will reportedly affect automobile, semiconductor, and pharmaceutical imports.
According to the Saudi Exchange, the bourse closed Wednesday at 12,317.59 points, with 49 shares higher and 189 lower. Electrical Industries Co. (SASE:1303), d/b/a EIC, was the stock that gained the most at 7.14%.
According to a report from Aljazira Capital, The Organization of the Petroleum Exporting Countries’ crude oil production declined month over month to 121,000 barrels per day for January. Meanwhile, it expects its average production to reach 26,8000 barrels per day in the first quarter of 2025, compared with 26,700 barrels per day a year ago.
On the corporate front, SAL Saudi Logistics Services (SASE:4263) lost the most out of the constituents at 7.93% in the red despite reporting a 29.77% increase in net profit and a 12.24% climb to its revenue for 2024.
Meanwhile, Saudi Arabian Oil (SASE:2222), d/b/a Saudi Aramco, entered into a deal to buy a 25% stake in Unioil Petroleum Philippines. The acquisition is part of the oil and gas giant’s expansion plans. Aramco shares added 0.18% at closing.
“This investment represents another step forward in our global strategy to expand Aramco’s retail network, and we look forward to introducing Aramco’s high-quality products and services to customers in the Philippines. Our international expansion aims to capture additional value and enhance our participation in vibrant economies, in collaboration with established partners,” Aramco Executive Vice President of Products & Customers Yasser Mufti commented.