Economy

TASI begins August in positive territory: Opening bell

Follow-ups -eshrag News:

RIYADH: Saudi Arabia’s main stock index, TASI, logged a monthly gain of 5.9 percent in July following two straight months of losses, bolstered by rising oil prices.

TASI rose 0.4 percent in the previous session to exit the month at 12,199, and the parallel Nomu market added 2 percent to 21,391.

This came in line with gains in fellow Middle Eastern bourses on Sunday, led by Qatar’s QSI which surged 1.9 percent.

Egypt’s blue-chip index was up 1 percent, followed by Oman with a 0.8 percent gain, while the Bahraini bourse edged 0.7 percent lower.

In energy trading, Brent crude reached $103.38 a barrel by 9:16 a.m. Saudi time on Monday, while US West Texas Intermediate traded at $97.62 a barrel.

The Kingdom’s gross domestic product grew at the fastest rate since 2011 at 11.8 percent in the second quarter of 2022, fueled by oil sector growth, according to flash estimates by the General Authority for Statistics.

Stock news

SABB Takaful received the Saudi Central Bank’s approval for the merger with rival insurer Walaa Insurance, following a binding agreement between both parties last February

The National Shipping Co. of Saudi Arabia, known as Bahri, posted a 134 percent increase in profit to SR193 million ($51 million) for the first half of 2022

Bahri announced the full redemption of its SR3.9 billion Riyal-denominated sukuk on July 30

Profits of United Wire Factories Co., or Aslak, were up 40 percent in the first half of 2022 to SR42 million

Saudi Steel Pipe Co. won a SR95 million contract to provide oil and gas steel pipes to Uruguay-based Tenaris Global Services

Al-Baha Investment and Development Co.’s losses widened by 158 percent to SR4.2 million during the first half of the year

Unitholders of Alkhabeer REIT are set to receive SR0.125 per share in cash dividends for the second quarter of 2022

Zahrat Al Waha for Trading Co. reported a 73 percent profit drop to SR9.9 million for the first half of 2022

Calendar

August 1, 2022

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

August 2, 2022

Close of International Human Resources Co.’s IPO book building

August 14, 2022

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

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