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RIYADH: Saudi Arabia’s main stock market advanced on Tuesday, recovering some momentum after dropping to its lowest level in six months earlier this week.

The main TASI index added 2.6 percent to 11,659, propelled by gains in some of its biggest players including Saudi Aramco and Al Rajhi Bank, while the parallel market Nomu lost 0.8 percent to 20,875.

With Saudi Arabia leading the gains, most Gulf peers rebounded on Tuesday following a steep decline.

Dubai, Abu Dhabi, and Kuwait all rose between 1.2 and 1.7 percent, followed by Qatar, Bahrain, and Oman, with gains amounting up to 0.4 percent.

Elsewhere in the Middle East, Egypt’s EGX30 finished almost 0.2 higher.

Saudi Arabia and Egypt signed 14 investment deals worth $7.7 billion during a visit by the Kingdom’s Crown Prince bin Salman to Cairo, Saudi Minister of Trade Majid Al-Qasabi announced. 

In energy trading, Brent crude retreated to $110.62 a barrel and US West Texas Intermediate reached $105.31 a barrel as of 8:57 a.m. Saudi time on Wednesday.

Saudi Arabia’s crude oil exports grew 147,000 barrels per day in April to a two-year high of 7.38 million, according to data released by the Joint Organizations Data Initiative.

Stock news

Arabia Insurance Cooperative Co. invited its shareholders to vote on increasing the company’s capital from SR265 million ($71 million) to SR530 million

The Saudi Investment Bank, better known as SAIB, started the issuance of SR-denominated Sukuk, with the offering running until June 28

ACWA Power invested $1.5 billion in a wind power plant in Egypt as the company aims to expand its horizons in renewable energy

Nayifat Finance Co. appointed Chan Kok Veng as acting CEO in place of Abdulmohsen Al-Sowailem as of June 23

Anaam International Holding Group purchased private office buildings located in Jeddah for SR312 million in addition to a building worth SR23 million

Saudi Networkers Services Co., a Riyadh-based technical consulting services provider, said it intends to proceed with an initial public offering for 25 percent stake

Almunajem Foods announced that the temporary suspension on one of its poultry products has been lifted by the Saudi Food and Drug Authority


June 26, 2022

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

June 27, 2022

End of Alamar Foods’ IPO book-building

June 28, 2022

End of the Saudi Investment Bank’s Sukuk offering

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