Saudi Shares Extend Losing Streak Amid Jitters on Widening Middle Eastern Conflict

MT Newswires · 2d ago
08:32 AM EDT, 10/12/2026 (MT Newswires) -- The Tadawul All Share Index closed 0.74% in the red as the widening geopolitical conflict in the Middle East dampened investor sentiment on Monday. The Houthi group again launched an attack that targeted King Khalid International Airport in Riyadh, according to the Saudi Civil Aviation Authority. The missile attack on the airport's Terminal 4 caused one death, fires, and 11 wounded. "Riyadh's King Khalid International Airport was hit again on Sunday after repeated attacks over the past week. Saudi Arabia said the latest strike killed one person and injured 11, after Saturday's attack killed 12 and wounded more than 300. The escalation comes as Saudi-backed Yemeni government forces counter recent Houthi gains near Bab el-Mandeb, the crucial Red Sea shipping chokepoint," Deutsche Bank Research said. "Overnight, Iran denied directing the Houthis and its foreign minister urged diplomacy with Saudi Arabia, but there is little sign yet of de-escalation." In other news, Iranian Foreign Ministry Spokesperson Esmaeil Baghaei said that Iran is evaluating a US response regarding its proposal to reopen the Strait of Hormuz. The Middle Eastern country will continue to talk with the US through intermediaries. Back at home and on the corporate front, SAL Saudi Logistics Services (SASE:4263) shares lost 2.87% as its SAL Ground Handling unit secured a 36-month deal to deliver postal and commercial cargo shipment ground handling services for Saudi Post, or SPL. Meanwhile, Keir International (SASE:9542) submitted its capital reduction application to the Capital Market Authority. The telecommunications and electrical technologies services group plans to decrease its capital to 33.6 million Saudi riyals. Shares of Keir International closed 1% lower.