Saudi stocks slightly higher even as investors remain uncertain: Opening bell

RIYADH: Saudi stocks dropped on Tuesday, extending losses for another session as investors assessed the impact of a potential economic slowdown.

TASI, as the main index is known, fell 0.27 percent ending the day at 12,020, while the parallel market, Nomu, added 0.21 percent to 21,505.

Bahrain and Kuwait lost 0.5 percent each, and Oman’s index was almost flat.

Elsewhere in the Middle East, Egypt’s EGX30 shed 0.3 percent.

However, fellow stock exchanges in the Gulf, including Abu Dhabi, Dubai, and Qatar bucked the downward trend to close higher in the previous session.

In the energy market, Brent crude traded at $121.54 a barrel and US West Texas Intermediate was at $119.27 at 9:22 a.m. Saudi time on Wednesday.

Stock news

• Arabian Centres Co. and Riyad Capital Co. signed agreements to establish two real estate investment funds valued at SR6.2 billion ($1.7 billion) to develop a center in Riyadh and one in Jeddah
• Almunajem Foods Co. secured SR200 million in Shariah-compliant financing from Al Rajhi Bank
• The Saudi Paper and Manufacturing Co. sold a land owned by one of its subsidiaries in Riyadh for SR24.8 million
• Raoom Trading Co.’s shareholders approved a half-year dividend payout of SR1.25 per share
• Al Khaleej Training and Education Co. plans to buy back 300,000 of its shares to be held as treasury shares as long-term incentive shares for senior executives
• OHR Co. completed the acquisition of Bloovo Co. Ltd, which is 40 percent owned by Saudi Maharah Human Resources Co.
• Saudi Azm for Communication and Information Technology Co. won a contract worth SR16.5 million to develop digital portals and smart applications for the Ministry of Finance
• Shareholders of Saudi Automotive Services Co. approved the distribution of SR0.25 per share in dividends for 2021

Calendar

June 16 — Amwaj International Co. will start trading its shares on the parallel Nomu market

June 21— Rabigh Refining and Petrochemical Co.’s rights trading ends

June 26 — Rabigh Refining and Petrochemical Co.’s subscription to new shares ends