Commodities Update — Gold prices down; Corn inches higher; Hummer EV prices rise on commodity costs hike

RIYADH: Saudi Arabia’s main stock index TASI fell below the 12,000 level for the first time in months last week, tracking a drop in oil prices.

TASI closed the week at 11,824, down 1.3 percent for the fifth straight session on Thursday. However, the parallel Nomu market added almost 1 percent to 21,504.

Most stock markets in the Gulf retreated in line with the Saudi main index.

Dubai led the fall with a 1.7 percent decline, followed by Abu Dhabi with a 0.8 percent drop and Qatar with 0.5 percent.

Stock exchanges of Bahrain, Oman, and Kuwait bucked the trend to end slightly higher.

Apart from the Gulf, Egypt’s EGX30 lost 1 percent.

UAE bourses extended losses on Friday. Abu Dhabi and Dubai both shed 0.6 percent.

Oil prices recorded their first weekly decline in over a month, with Brent crude dropping 5.6 percent to $113.12 a barrel, and US West Texas Intermediate settling 6.8 percent lower at $109.56.

Stock news

Saudi chemical giant SABIC’s shareholders are set to receive dividends of SR6.75 billion ($1.8 billion) in total for the first half of 2022

Leejam Sports Co.’s board approved the setting up of an investment unit in Riyadh aimed at establishing joint ventures and acquiring stakes in existing entities

Saudi Arabian Refineries Co. is looking to sign a number of deals with Christoph Global Impact to implement renewable energy projects in the Kingdom

Arabian Contracting Services Co., known as Al Arabia, secured a deal to provide advertising services to Qatar’s Elan Media Advertising

Al Hassan Ghazi Ibrahim Shaker Co. announced that its accumulated losses reached zero percent of capital

Saudi Reinsurance Co. said that Moody’s has affirmed its A3 insurance financial strength rating international scale, reflecting its strong market position in the Kingdom

Batic Investments and Logistics Co. appointed Fahad Al Guthami as vice-chairman of the board

Arabian Centers Co. signed an agreement with the National Housing Co. to establish a unit with a capital of SR130 million to develop and operate an integrated mall in Riyadh

Emaar The Economic City announced the resignation of board chairman Assim Alsuhaibani and the appointment of Fahad AlSaif as a replacement

Batic Investments & Logistics Co. completed the acquisition of a 4 percent stake in Smart Cities Solutions for Communications and Information Technology

Arabian Centres Co., known as Almrakez, appointed Alison Rehill-Erguven, as CEO effective Aug. 21, 2022

Calendar

June 21, 2022

Rabigh Refining and Petrochemical Co.’s rights trading ends

June 26, 2022

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