Tadawul Shares Welcome New Week Lower; Thimar Development Holding Shines

Saudi shares were in the red at the close on Sunday, jump-starting a busy week for economic and corporate earnings updates. 

The Tadawul All Share Index was 0.19% lower at closing at 12,231.54 points. Out of 234 listed stocks, 163 were in the red and 61 in the green. 

Thimar Development Holding (SASE:4160) was the top stock of the session as it added 9.89%, while Chubb Arabia Cooperative Insurance lost 9.91%, the steepest of the index. 

On the economic calendar this week are the M3 money supply and private bank lending figures for March, both to be published by the Saudi Central Bank on Tuesday. The next day, the first-quarter GDP data will be published. 

Upcoming data could provide some insight into the economic trajectory of the country, as the region has been on high alert lately due to the fears of a wider war in the Middle East. A recent World Bank report also said conflict in the region may interrupt the decline in inflation seen in many regions across the globe. 

“Global inflation remains undefeated. A key force for disinflation—falling commodity prices—has essentially hit a wall. That means interest rates could remain higher than currently expected this year and next. The world is at a vulnerable moment: a major energy shock could undermine much of the progress in reducing inflation over the past two years," World Bank Group Chief Economist Indermit Gill said in a note. 

In corporate news, major companies including Riyad Bank, (SASE:1010) and Saudi Electricity Co. (SASE:5110) are scheduled to release their latest earnings report in the coming days.