IMF-World Bank Spring Meetings convene on Monday

RIYADH: Saudi stocks ended the previous trading week higher, outperforming fellow Middle Eastern bourses despite a drop in oil prices.

In Thursday’s session, the main index TASI was up 0.6 percent to close at 13,621 points and the parallel market Nomu edged 0.4 percent higher to 24,418. 

Elsewhere, Egypt’s index EGX30 extended losses by 1.5 percent after UAE’s First Abu Dhabi Bank withdrew its offer to buy a stake in investment bank EFG Hermes.

Shares in FAB were down, triggering a 1.3 percent drop in Abu Dhabi’s index, which remained intact the next day.

Stock exchanges in Qatar, Bahrain and Oman also ended lower, while the Kuwaiti index advanced by 0.2 percent.

Dubai’s DFMGI rose on Friday, fueled by gains in state utility Dubai Electricity and Water Authority following a strong market debut.

In energy trading, oil prices inched up on Friday, but recorded their second weekly decline. Brent crude settled at $102.78, and US benchmark West Texas Intermediate reached $98.26.

Stock news

Aldrees Petroleum and Transport Services Co. posted a 58.4 percent rise in net profit in the first quarter of 2022

Methanol Chemicals Co. recorded SR103 million ($27.5 million) net profit during the first quarter

Shareholders of Tanmiah Food Co. approved the board’s recommendation to distribute dividends of SR0.51 per share for 2021

The Saudi Industrial Investment Group, or SIIG, has declared SR0.75 per share in dividends for the second half of 2021 and for the first half of 2022.

AME Co. for Medical Supplies announced its board’s proposal to distribute dividends of SR1.75 per share for 2021

The majority of Thimar Development Holding Co.’s shareholders approved the company’s financial restructuring proposal

Saudi Electricity Co.’s recommended SR0.7 per share in cash dividends for 2021

Alujain Holding Corp. said it will increase its ownership in National Petrochemical Industrial Co. as part of its strategy to develop its assets and business

Calendar

May 11, 2022

Start of Arabian Food & Dairy Factories Co.’s IPO book-building

May 15, 2022

Saudi Aramco said it will disclose its financial results for the first quarter of 2022

End of Arabian Food & Dairy Factories Co.’s IPO book-building