CERAWeek: Energy execs want alternatives to Russia as oil prices soar

Follow-ups -eshrag News:

RIYADH: Saudi stocks closed Monday almost flat as investors worried about global affairs following Russia’s invasion of Ukraine.

At the closing bell, the main index, TASI, flattened at 12,808, and the parallel market Nomu slipped 0.50 percent to 24,628.

UAE stock markets were volatile, Abu Dhabi index ended flat, while Dubai’s DFMGI fell 0.9 percent for the second straight session.

In spite of the tensions between Russia and Ukraine shaking the markets, the Qatari’s QSI rose nearly 1 percent in its sixth consecutive session of gains, and Kuwaiti BKP rose 0.3 percent.

Stock exchanges in Bahrain and Oman also witnessed gains, up 3.5 and 0.4 percent, respectively.

Outside the Gulf, the Egyptian main index EGX30 plunged 3.6 percent to 10,726 , marking its lowest level since last October.

In energy markets, oil prices rallied on ever-increasing supply chain worries. Brent crude climbed to $126.23 per barrel in early Tuesday trading, while US WTI crude reached $121.55 per barrel.

Stock news

Kayan Petrochemical Co. turned into profit of SR2.3 billion in 2021, fueled by higher product prices

Saudi Arabia’s United Electronics Co., eXtra, to distribute dividends of SR2.5 per share for the second half of 2021

Saudi pharmacy chain Aldawaa Care has completed its IPO’s individual subscription part, setting the final price at SR73 per share

Al Kathiri Holding Co. recorded a 9 percent decline in profit after Zakat and Taxto SR8.7 million in 2021

Saudi ACWA Power was awarded a contract worth SR1.7 billion for the development and construction of Ar Rass solar PV project in AlQassim

Al Masane Al Kobra Mining Co. completed its IPO with 73.6 times coverage, setting the final price at SR63 per share

Jazan Energy and Development Co. signed an initial agreement with King Faisal University to expand areas of cooperation, mutual investment, and opportunities.

Osool & Bakheet Investment Co. will distribute cash dividends of SR0.57 per share to the Unitholders of Al Ma’ather REIT 2021.

Saudi insurer MEDGULF turned into losses of SR135 million before Zakat in 2021.


March 9, 2022

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


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