TASI opens almost flat after hitting its lowest close since December: Opening bell

Follow-ups -eshrag News:

RIYADH: Saudi Arabia’s main stock index hit its lowest close since last December on Sunday, mirroring a drop in oil prices.

TASI, as the main index is known, lost 4.44 percent to 11,299, and the parallel market, Nomu, declined 3.55 percent to 20,740 at the closing bell.

Elsewhere in the Middle East, stock exchanges of Qatar, Egypt, Bahrain, and Kuwait shed between 1 percent and 3.5 percent, while the Omani bourse ended flat.

In energy trading, oil prices extended losses after recording their first weekly decline in over a month.

Brent crude oil fell to $113.8 a barrel while US West Texas Intermediate reached $110.15 a barrel at 9:09 a.m. Saudi time on Monday.

Stock news
Alkhorayef Water and Power Technologies Co. was awarded a SR228 million ($60 million) contract with the National Water Co.

Alamar Foods set its initial public offering price range at SR103-115 per share and will run the book-building period from June 20 to June 27

Aramco-Total JV’s unit Arabian Aramco Total Services Co. redeemed SR208 million of its Sukuk, bringing the outstanding principal to SR1.67 billion  

Arabian Contracting Services Co. secured a deal with Elevision Media to become the exclusive agent for Dubai International Financial Centre’s advertisements

AC distributor Al Hassan Ghazi Ibrahim Shaker Co. entered an initial agreement to buy a 40 percent stake in fintech platform Cashew Payments Holding Ltd.

Saudi Airlines Catering Co. reported that its accumulated losses have decreased to 19.3 percent of its capital

Saudi Electricity Co. named Khalid Hamad Algnoon as CEO effective June 20

Saudi Aramco awarded two contracts valued at $673 million in total to Abu Dhabi-based National Petroleum Construction Co.

Aljouf Mineral Water Bottling Co. said its board approved doubling capital to SR47 million by granting bonus shares to shareholders

Amana Cooperative Insurance Co.’s rights issue was 72 percent subscribed, generating SR215 million in proceeds

Al Sagr Cooperative Insurance Co. obtained approval from the Saudi central bank to renew its license for providing insurance services in the Kingdom

Saudi Azm for Communication and Information Technology Co.’s board proposed a share buyback of up to 100,000 shares worth SR20 million

Somou Real Estate Co. secured a three-year Shariah-compliant loan worth SR50 million from Riyad Bank


June 20, 2022

Start of Alamar Foods’ IPO book-building

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

June 27, 2022

End of Alamar Foods’ IPO book-building

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