‘Full of hope’ — Day two of UN World Tourism council event begins in Saudi Arabia

RIYADH: Saudi Arabia’s stock market dropped on Tuesday to lead the fall in the Gulf, despite an above estimated 9.9 percent growth in the gross domestic product in the first quarter, according to official data.

On a different note, credit rating agency Moody’s affirmed the Kingdom’s rating at ‘A’ with a stable outlook, primarily driven by the government’s fiscal policy effectiveness.

The main TASI index ended its three-day winning streak to close 1.24 percent lower at 12,662 and the parallel market Nomu declined nearly 1 percent to 22,329.

Fellow stock exchanges including Abu Dhabi, Dubai, Qatar, Oman, and Kuwait all recorded losses, ranging from 0.1 to 0.5 percent, while Bahrain’s BAX lost 1.22 percent.

Outside the Gulf, Egypt’s blue-chip index added 0.6 percent.

Oil prices edged up on Wednesday ahead of data on US oil inventories, with Brent crude rising to near $121 a barrel and US West Texas Intermediate up to $120.03 as of 8:47 a.m. Saudi time.

Stock news

Alamar Foods Co., which operates Domino’s Pizza across the region, got the Capital Market Authority’s approval to proceed with an initial public offering of a 41.7 percent stake

Saudi Networkers Services Co. and Future Care Trading Co. received approval from CMA for a direct listing on the parallel Nomu market

East Pipes Integrated Co. for Industry obtained Shariah-compliant financing worth SR500 million from Arab National Bank to finance a project

Shareholders of Theeb Rent a Car Co. are set to receive cash dividends of SR0.49 per share for the first quarter of 2022

TASI-listed Abo Moati for Bookstores opened a new showroom in Al-Ahsa with almost SR2 million investment

Alinma Bank appointed two audit committee members – Haitham Alshaikhmubarak and Othman Altwaijri

Calendar

June 8, 2022

Saudi Aramco will distribute SR0.3189 per share in dividends for the first quarter of 2022

June 9, 2022

Close of Saudi Real Estate Co.’s new shares subscription