TASI lower on mixed earnings and oil price uncertainty: Closing bell

Follow-ups -eshrag News:

Mon, 2022-05-23 17:20

RIYADH: The Saudi main index ended Monday with another steep decline, as fluctuating oil prices and mixed earnings reports weighed on investors’ sentiment again.

As of the closing bell, TASI edged 0.80 percent lower to reach 12,235, while the parallel market, Nomu, added 0.15 percent at 22,363.

In the energy sector, Brent crude rose to $113.70 a barrel and US West Texas Intermediate crude reached $111.34 a barrel, as of 3:08 p.m. Saudi time.

Saudi Industrial Export Co. rallied 9.93 percent to lead the market, while Arab Sea Information System Co. plunged 7.30 percent to lead the laggards.

Saudi Aramco, the largest player on the Saudi oil market, closed today’s trading up 0.77 percent.

Arabian Pipes Co. gained 1.27 percent, after Saudi Aramco awarded the company a SR100 million ($27 million) contract to supply steel pipes.

BinDawood Holding Co. edged down 1.84 percent, despite reporting a 5 percent increase in profit to SR65 million in the first quarter.

Mouwasat Medical Services Co. declined 1.81 percent, following the announcement that it has entered into a nonbinding agreement to acquire Al-Marasem International Hospital in Egypt.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi slipped 2.26 percent, while Alinma Bank fell 0.71 percent.

In the pharma sector, Aldawaa Medical Services Co. gained 0.26 percent, while Nahdi Medical Co. fell 1.68 percent.

Telecom giants Zain KSA and stc saw their share prices decline 0.76 percent and 1.14 percent, respectively.

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Stock Market

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