Oil prices fall, bourses firm on hopes of Russia-Ukraine talks

RIYADH: In line with most Gulf stock exchanges, Saudi Arabia’s Tadawul closed lower on Sunday as Russia’s war in Ukraine fueled volatility in stock markets.

Saudi main index, TASI, slipped 0.62 percent to 12,605 points, while the parallel market, Nomu, shed 0.6 percent to 24,640.

Indexes in Qatar, Bahrain, and Kuwait all dropped between 0.1 and 1.1 percent.

Oman’s stock exchange edged 0.5 percent higher as it announced plans to list 35 state-owned companies in the next five years, CNBC Arabia reported citing the bourse’s CEO.

Elsewhere in the Middle East, the Egyptian blue-chip index EGX30 inched up by 0.3 percent.

In energy trading, oil prices slid on Monday, with Brent crude down to $110.24 a barrel after crossing $130 a week earlier.

West Texas Intermediate lost 2.7 percent to $106.37 as of 9:09 a.m. Saudi time.

Stock news

• Sadara Chemical Co., a joint venture between oil major Saudi Aramco and US Dow Chemical Co., turned into profits of SR3.1 billion ($830 million) in 2021
• Alwasail Industrial Co.’s net profit was up by almost 10 percent to SR30.4 million in 2021. The firm will distribute annual cash dividends amounting to SR0.5 per share.
• Eastern Province Cement Co. has recorded a 7 percent decline in profits to SR201 million in 2021. Shareholders of the company will receive SR1.1 per share as dividends for the second half of 2021
• Baazeem Trading Co. will distribute dividends of SR1.75 per share for 2021, despite recording an 18 percent decline in profits to SR21.6 million
• Saudi Advanced Industries Co. saw its profits jump more than threefold to SR91 million in 2021