Economy

Saudi stock markets hold up as oil price hits high: Opening bell

Follow-ups -eshrag News:

RIYADH: Saudi stocks ended higher in the past week, despite a downturn in global markets as traders shunned in light of the ongoing Ukraine-Russia conflict.

At Thursday’s closing bell, TASI closed 0.8 percent higher at its highest value in years of 12,756 points, gaining over 2 percent on the week.

The parallel market, Nomu, dropped 0.8 percent to 24,767.

Other Middle Eastern bourses registered gains on Thursday, led by Oman and Egypt which added 1.9 and 1 percent, respectively.

Abu Dhabi, Dubai, Qatar, Kuwait, Qatar, Bahrain all advanced between 0.2 and 0.8 percent.

In Friday trading, UAE stock markets slightly dipped, with the Abu Dhabi index dropping 0.6 percent and Dubai’s DFMGI down 0.9 percent.

In energy trading, oil prices extended their rally, rising more than 20 percent during the week on supply chain worries.

Brent crude jumped as high as 6.9 percent to a record $118 per barrel on Friday and US benchmark WTI gained 7.4 percent to $115.68.

Stock news

Saudi stock exchange Tadawul Group reported a 17-percent increase in profit to SR587 million ($157 million) in 2021 in its first post-listing earnings results. With strong earnings, the company’s board proposed an annual dividend payout of SR3 per share.

Saudi insurance firm Tawuniya signed a deal to provide health insurance services to employees of Saudi Arabian national airline Saudia.

Arriyadh Development Co. announced that it has made SR25 million in profit after liquidating 95 percent of its investment portfolio.

Methanol Chemicals Co. turned from losses of SR276 million into profit of SR244 million in 2021.

East Pipes Integrated Co. for Industry secured a Shariah-compliant loan worth SR500 million from Bank Albilad

Saudi Arabian Amiantit Company’s associate signed an agreement for the construction of two independent sewage treatment plants in the cities of Tabuk and Buraidah.

Al-Etihad Cooperative Insurance’s board proposed a capital hike of 12.5 percent to SR450 million through granting bonus shares to shareholders.

Dur Hospitality Co. terminated lease contracts for three hotels in Madinah with the Al-Manakha Urban Project Development Co.

Saudi Industrial Export Co, known as Sadirat, announced that accumulated losses have been narrowed to 24 percent of capital.

Arabian Contracting Services Co. reported a 718 percent increase in annual profit to SR206 million in 2021.

Calendar

March 7, 2022

Nahdi Medical Co.’s IPO book-building ends

March 9, 2022

Al Masane Al Kobra Mining Co., or AMAK, will start IPO retail subscription

Noting that the news was copied from another site and all rights reserved to the original source.

Leave a Reply

Your email address will not be published.

Back to top button