Here’s what you need to know before Feb. 23 trading on Tadawul

RIYADH: The Saudi stock market was closed on Tuesday for a public holiday, with oil prices soaring to their highest level since 2014 as Russia-Ukraine tensions intensified.

This, along with concerns over supply shortages, drove prices near $100 per barrel.

Today, Brent crude slightly eased to $96.8 a barrel, and US benchmark WTI traded at $91.88 a barrel as of 9:22 a.m. Saudi time.

Middle Eastern bourses saw a mixed performance on Tuesday, led by Abu Dhabi’s ADX that rose by 0.6 percent, followed by Qatar’s QSI, up 0.2 percent.

Stock markets of Dubai, Egypt, Bahrain, Oman, and Kuwait all recorded losses between 0.1 and 1.7 percent.

Stock news

• Saudi pharmacy chain Al-Dawaa has attracted strong interest from institutional investors, raising SR100 billion ($27 billion) from its initial public offering
• Saudi mining firm Al Masane Al Kobra Mining Co., known as AMAK, starts IPO book-building today. The price range has been set between SR58-63 per share
• The board of Saudi Telecom Co., better known as stc, has approved its SR19 million insurance coverage deal with Walaa Cooperative Insurance Co.
• Arabian International Healthcare Holding, or Tibbiyah, has completed its IPO individual subscription with 12.63 times coverage, setting the final price at SR82 per share
• Saudi utility provider ACWA Power has completed the financial close of its debt facilities for the Red Sea Multi-Utilities Project
• Saudi food manufacturer Halwani Bros posted a 16 percent decline in profit to SR84 million in 2021
• A consortium led by Saudi Arabian Amiantit has closed a deal worth SR399 million with the National Water Co.
• Saudi Al-Baha Investment’s board has approved the proposal to increase the company’s capital by 68 percent to SR297 million
• Raydan food Co. has announced the shut down of on of its branches in Jeddah