Economy

TASI continues to gain on solid earnings: Opening bell

Follow-ups -eshrag News:

RIYADH: Saudi stocks settled higher on Thursday, following a 0.75 percent interest rate hike by the Gulf Cooperation Council’s central banks on Wednesday.

The rise was bolstered by banking stocks after posting strong earnings for the first half of 2022.

The main index, TASI, was up 0.9 percent to 12,155, while the parallel Nomu market ended 0.6 percent higher at 20,952.

Gulf stock exchanges were mixed, led by a 1.3 percent rise in Dubai’s DFMGI.

Qatar and Oman recorded fractional gains, while Abu Dhabi and Kuwait slipped by 0.1 and 0.4 percent, respectively. The Bahraini index, on the other hand, finished flat.

Apart from the GCC, Egypt’s main stock index added 0.9 percent on Thursday.

UAE indexes were buoyed by a rise in oil prices on Friday, with Abu Dhabi and Dubai both advancing 1.1 percent.

Brent crude exited the week at $103.97 a barrel, and US benchmark West Texas Intermediate settled at $98.62 a barrel.

Stock news

Al Rajhi Bank’s net profit surged 21 percent to SR8.4 billion ($2.2 billion) due to an increase in net income during the first half of 2022

Kingdom Holding Co. acquired a SR1.06 billion stake in UK-based insurer Pheonix Group, serving over 13 million customers across the UK and Europe

United International Transportation Co.’s, or Budget Saudi, board of directors proposed buying back up to 7.12 million shares to hold them in treasury

Budget Saudi announced a slight profit surge of 5 percent to SR123 million for the first half of 2022, along with dividends of SR0.5 per share for the same period

Saudi Cable Co. announced the termination of the contract of its CEO Abdulhadi Abu Al-Khair, who will retain his membership in the company’s board

Nama Chemicals Co. saw its profit jump by 207 percent to SR60 million in the first half of 2022

National Medical Care Co. signed a memorandum of understanding with Smartmed Investment Co. to fully acquire Jiwar Medical Services Co.

Mohammed Hasan AlNaqool Sons Co. obtained Shariah-compliant financing worth SR15 million

The Saudi Investment Bank, or SAIB, saw its profit rise 21 percent to SR608 million, supported by higher operating income in the first half of 2022

Calendar

August 1, 2022

Future Care Trading Co. will start trading its shares on Nomu

August 14, 2022

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

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