-- The Tadawul All Share Index surged as it closed Wednesday trading 2.27% in the green, with global market watchers cheering the US-Iran ceasefire deal.
Dominating headlines all over the world is the Pakistan-brokered ceasefire agreement between the US and Iran. US President Donald Trump, however, said in his Truth Social account that the two-week agreement is subject to the "complete, immediate, and safe opening" of the Strait of Hormuz.
"The Kingdom affirms its support for the mediation efforts undertaken by Pakistan to reach a permanent agreement that achieves security and stability and addresses all issues that have caused instability over several decades. The Kingdom also emphasizes the necessity of keeping the Strait of Hormuz open for navigation in accordance with the 1982 United Nations Convention on the Law of the Sea without any restrictions," Saudi Arabia's Ministry of Foreign Affairs said in a statement.
Back at home and on the corporate front, Saudi Investment Bank (SASE:1030) closed 2.36% higher as it plans to issue a Saudi riyal-denominated additional tier 1 capital sukuk via a private placement. The lender's offer is subject to regulatory approvals.
Meanwhile, eXtra (SASE:4003) and United International Holding (SASE:4083) both logged higher estimated attributable profit and revenue for the three months ended March 31. Both stocks surged 3.13% and 2.26%, respectively.