Tadawul Shares End Wednesday Lower; Saudi Arabian Inflation Unchanged in June

The Tadawul All Share Index closed Wednesday trading lower at 0.10% in the red as investors assess Saudi Arabia's latest economic data. The kingdom's annual inflation rate was stable in June, coming in at 1.8%, which was unchanged from the prior month, the General Authority for Statistics said in its report. On a monthly basis, the index ticked up 0.2%. "The prices of the food and beverages division increased by 0.7%, driven by the increase in the food group by 0.7%, and the prices of the housing, water, electricity, gas and other fuels division increased by 0.1%, while the transport division increased by 0.4%," the report said. The country's wholesale prices saw an annual 4.8% growth in June from a 4.6% rise in May. Additionally, Saudi's producer price index data for the kingdom showed a 7.5% year-over-year increase in May. Month over month, the index saw a 1.8% decline. Back at home and on the corporate front, Al Yamamah Steel Industries (SASE:1304) shares declined 1.51% as its Al Yamamah for Reinforcing Steel Bars Co. unit entered into a deal to produce and install steel billet production equipment for an undisclosed company in Europe. Meanwhile, Jarir Marketing Co..