Saudi Shares End Wednesday Muted Amid Focus on US-Iran Peace Deal Uncertainty

The Tadawul All Share Index closed Wednesday muted at 0.01% in the green as market watchers assess the latest geopolitical updates on the US-Iran peace deal. US President Donald Trump said at the two-day NATO summit in Turkey that its memorandum of understanding with Iran was "over." The statement came after renewed attacks were reported at the Strait of Hormuz, raising concerns about the area's security and safety. Speaking of the US, investors are also tuned into the Federal Reserve's newest meeting minutes. The minutes can help provide investors with insights regarding the group's next rate moves. "Today's minutes will clarify how serious members are about the possibility of rate hikes. Based on post-meeting communication, we see limited risk of a dovish surprise in the minutes. We expect a cementing of the hawkish message to firm up dollar momentum, although we don't expect it to lead to a break higher as markets may be reluctant to reprice rate expectations aggressively higher (now 35bp by December) after the soft jobs report," ING said in a note. Back at home, United Electronics Co. (SASE:4003), d/b/a eXtra, shares declined 6.03% despite logging a preliminary 2.377%.