TASI starts slightly lower as investors watch the market: Opening bell

RIYADH: Saudi stocks recouped last week’s losses to close higher for a second straight day on Monday, buoyed by a rise in crude oil prices.

The main TASI index added 2.3 percent to 11,555, while the parallel market Nomu edged up by 0.5 percent to 20,711.

With Saudi Arabia leading the gains in the region, stock exchanges of Dubai, Abu Dhabi, Qatar, and Oman all advanced on Monday.

The Kuwaiti index ended the session flat, while Bahrain’s BAX lost 0.6 percent.

Elsewhere in the Middle East, Egypt’s blue-chip index EGX30 gained 1.1 percent.

In the energy market, Brent crude reached $106.18 a barrel by 9:22 a.m. Saudi time on Tuesday, while US West Texas Intermediate traded at $102.59 a barrel.

Stock news

Rawasi Albina Investment Co. set its price guidance for a direct listing on Saudi Arabia’s parallel stock market at SR40 ($11) per share

Almunajem Foods Co. recorded a 225 percent profit surge in the first half of the year to SR220 million

Al Masane Al Kobra Mining Co.’s board proposed a capital hike of SR240 million to SR900 million by granting bonus shares to shareholders

Saudi Automotive Services Co. secured capital gains of SR95.4 million from transferring nine station title deeds for the sale and leaseback process

SABIC Agri-Nutrients announced the relocation of the company’s head office from Jubail Industrial City to Riyadh

Naseej International Trading Co.’s shareholders approved reducing the company’s capital by 49 percent to SR109 million

Thimar Development Holding Co. said it suffered an accumulated loss of 55 percent on its capital of SR100 million

Al-Jouf Cement Co. announced the resignation of Mohammed bin Saeed Attia as board chairman effective July 31

Riyad Bank’s shareholders are set to receive a total of SR1.5 billion in dividends for the first half of 2022

Al-Moammar Information Systems Co. reappointed Khalid Al-Moammar as board chairman and Ibrahim Al-Moammar as vice chairman

Alandalus Property Co.’s CEO Hathal Al-Utaibi resigned effective Aug. 31 due to “his personal circumstances”

Calendar

July 21, 2022

End of Naqi Water’s IPO book-building