TASI rebounds following plunge as Saudi GDP rises: Opening bell

RIYADH: On the back of uncertainty around the Ukraine-Russia war, Saudi stocks extended losses for the fifth straight session Tuesday.

At the closing bell, TASI closed 0.68 percent lower at 12,407, while the parallel market, Nomu, edged up 0.28 percent to 24,435 points.

This was coupled with a heavy drop in the energy market from recent highs.

Brent crude reached $102.44 per barrel, and WTI traded at $98.41 a barrel as of 9:16 Riyadh time on Wednesday.

Global geopolitical tensions weighed on fellow GCC bourses, with Dubai, Qatar, and Bahrain dropping between 1.4 and 1.8 percent.

Stock exchanges in Abu Dhabi and Kuwait also slipped, while Oman’s MSX30 and the Egyptian index closed almost flat.

Saudi economy grew in 2021 by the highest annual rate since 2015 of 3.2 percent, with quarterly growth of 6.7 percent in the last quarter of the year, according to official data.

Stock news

• Saudi Electricity Co. announced a massive jump in profits by 375 percent to SR14.4 billion ($3.8 billion) in 2021, along with an annual dividend payout of SR0.7 per share
• UAE-based Etisalat is in talks to increase its stake in Saudi Arabia’s Etihad Etisalat Co., better known as Mobily, to 50 percent and one share in a bid to strengthen ties
• Alinma Tokio Marine Co. widened losses by 672 percent to SR11 million before Zakat during 2021
• Shareholders of Astra Industrial Group will receive cash dividends of SR1.5 per share for 2021
• Scientific and Medical Equipment House Co. was awarded a five-year deal worth SR219 million to provide maintenance and cleaning services to King Fahad specialist hospital
• Walaa Cooperative Insurance Co. turned into losses of SR112 million before Zakat during 2021
• Saudi Aramco has awarded Schlumberger, an oilfield services company, a contract for integrated drilling and well construction services in a gas drilling project
• Ajeej Steel Manufacturing Co. appointed Osama Bakhsh as CEO effective Mar. 16, following the resignation of Fahad Al Thunayan
• Saudi National Shipping Co. got the CMA’s approval to increase capital from SR3.94 billion to SR4.92 billion through granting bonus shares to shareholders