Stocks rally as investors digest Russian sanctions; oil dips: opening bell
Follow-ups -eshrag News:
RIYADH: In line with a fall in the oil market, Saudi Arabia’s main stock index TASI retreated by 0.88 percent in the previous trading session, finishing the week with over a 1 percent fall.
Oil prices, which jumped to record highs following the Russia-Ukraine conflict, paused their rally amid rising market volatility and eased supply worries.
Brent crude lost almost $20 on the week, reaching $112.67 a barrel as of Friday, and US West Texas Intermediate fell to near $109.
Elsewhere in the GCC, stock markets were mixed at their close on Thursday, with indices of Abu Dhabi and Oman adding 0.9 and 1.7 percent, respectively.
Bahrain’s BAX was down 0.7 percent, while stock exchanges in Dubai, Qatar, and Kuwait ended flat.
Stock news
Saudi-based digital security firm Elm Co. recorded an increase in profit of 85 percent to SR567 million ($154 million) in 2021 in its first post-listing earnings results.
Arabian International Healthcare Golding Co., known as Tibbiyah, entered a deal to acquire a majority stake in Innovative Care Co.
The company recorded a 14 percent decline in net profit to SR82 million in 2021.
Saudi Arabia’s Dur Hospitality Co. and Taiba Investment Co. decided to halt merger talks that were announced in mid-2021.
Malath Cooperative Insurance Co. turned into losses before Zakat of SR72.9 million, compared to profits of SR22.7 million a year earlier.
Abo Moati for Bookstores Co. has renewed a Shariah-compliant credit facility agreement worth SR60 million to finance working capital.
Maharah Human Resources Co. will distribute cash dividends of SR2 per share for the second half of 2021, despite an 18-percent decline in annual profit to SR145 million.
Profits of Saudi Arabia’s Alandalus Property Co. surged 374 percent year-on-year to SR68 million in 2021 due to an increase in sales.
Saudi Arabian Amiantit Co.’s accumulated losses have been narrowed to 0.15 percent of capital. The company’s board recommended a capital hike of SR346.5 million through offering rights issue shares.
Nama Chemicals Co. swung into profits of SR27 million in 2021, after erasing losses of SR45 million from a year ago.
Canadian Medical Center Co. will payout half-year dividends of SR1.5 per share, despite recording a 12.9 percent decline in net profit to SR14 million in 2021.
A unit of Maharah Human Resources Co. signed an initial agreement to acquire 41.37 percent in Care Shield Holding Co.
Sumou Real Estate Co. saw a 13 percent increase in profit to SR81 million in 2021, with revenue up 6 percent.
Saudi insurer Tawuniya recorded over a 30 percent decline in profit before Zakat in 2021 to SR350 million.
Saudi oil giant, Aramco, will participate in a major integrated refinery and petrochemical complex in Northeast China.
Calendar
March 13, 2022
Nahdi Medical Co. will start IPO retail offering
March 14, 2022
Pharmacy chain operator, Al-Dawaa Medical Services Co., will list on TASI
March 15, 2022
End of Nahdi Medical Co.’s IPO retail offering
Saudi Home Loans will begin its IPO book-building process
Noting that the news was copied from another site and all rights reserved to the original source.
