Economy

TASI rises on the back of strong earnings in the banking sector: Opening bell

Follow-ups -eshrag News:

RIYADH: Saudi stocks edged up on Tuesday, following two straight days of losses, as investor sentiment improved on the back of optimistic earnings results.

TASI closed 0.76 percent higher at 11,964, while the parallel market, Nomu, finished 1.2 percent lower at 20,791.

Dubai, Qatar, Oman, Bahrain, and Kuwait all advanced in line with Saudi Arabia, with the Omani bourse leading the gainers as it added 2.8 percent. However, Abu Dhabi’s stock exchange was down 0.4 percent.

Elsewhere in the Middle East, Egypt’s EGX30 surged 1 percent.

Oil prices slightly rose on Wednesday, with Brent crude reaching $104.74 a barrel and US West Texas Intermediate trading at $95.64 a barrel by 9:25 a.m. Saudi time.

Stock news

Saudi National Bank, the Kingdom’s largest lender, recorded a 59 percent jump in profit to SR9 billion ($2.4 billion) during the first half of 2022

Alinma Bank posted a 29 percent profit hike to SR1.7 billion for the first half of 2022

Bank Albilad reported a 24 percent leap in profit for the first half of 2022, hitting SR1 billion

Tibbiyah and BGI Almanahil Health for Medical Services have entered into a joint venture agreement to establish an equally owned unit for clinical laboratory testing and bio-information services

BinDawood Holding Co. received approval from its board to acquire an 80.5 percent stake in Ykone, a subsidiary of French TF1 Group

SEDCO Capital REIT Fund’s board approved acquiring two income-generating assets worth SR700 million, located in Riyadh and Jeddah

Yanbu Cement Co. posted a 25 percent decline in profit to SR87 million for the first half of 2022

Salama Cooperative Insurance Co. invited its shareholders to vote on the board’s recommendation to reduce the company’s capital by 60 percent to SR100 million

Calendar

July 28, 2022

End of Saudi Networkers Services Co.’s IPO subscription

August 14, 2022

Saudi Aramco will announce its financial results for the second quarter of 2022

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