Saudi industrial activities hit three-year high in April

RIYADH: Saudi stocks dropped for a second straight day on Wednesday, even as Moody’s affirmed the Kingdom’s credit rating at ‘A’ with a stable outlook.

The main TASI index lost 0.5 percent to 12,596, and the parallel market Nomu slipped nearly 0.6 percent to 22,206 despite a rise in oil prices.

As Saudi Arabia led the fall in the region, fellow Gulf Cooperation Council bourses in Dubai, Bahrain, and Oman recorded gains between 0.3 and 0.7 percent.

Stock indexes of Abu Dhabi and Kuwait edged 0.3 and o.1 percent lower, respectively, while Qatar’s QSI ended flat.

Elsewhere in the Middle East, the Egyptian index EGX30 extended gains by 1.9 percent.

In energy trading, Brent crude reached $123.53 a barrel and US West Texas Intermediate traded at $121.99 a barrel as of 9:19 a.m. Saudi time on Thursday.

Stock news

Alkhorayef Water and Power Technologies Co. was awarded SR1.9 billion ($506 million) worth of deals for water quality improvement projects in the Eastern region

Ataa Educational Co. reported a 304 percent increase in profit to SR71 million in the nine months ended Apr. 30

Alamar Foods will proceed with an initial public offering of 41.7 percent of its share capital on the Saudi Exchange’s main market

Retal Urban Development’s IPO was 8.88 times covered by individual investors, generating SR1.28 billion worth of subscriptions

Shareholder of Saudi Pharmaceutical Industries & Medical Appliances Corp. approved the distribution of SR0.6 per share in cash dividends for 2021

Emma Al Rawabi Co. named Fahad Ibrahim Saad Almousa as board chairman and Abdulaziz Ibrahim Saad Almousa as vice-chairman

Natural Gas Distribution Co.’s shareholders approved the proposal to distribute SR0.5 per share in cash dividends for 2021

Calendar

June 9, 2022

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

June 12, 2022

Arabian Food & Dairy Factories Co., known as Fadeco, will start trading its shares on Saudi Arabia’s stock market