TASI slips slightly tracking oil prices: Opening bell

RIYADH: Saudi Arabia’s main stock market edged down on Tuesday, even as positive earnings reports continued to kick in.

The main index TASI finished 0.23 percent lower at 12,310, while the parallel Nomu market added 0.2 percent to 21,547.

While most Gulf stock markets ended in the red zone, Abu Dhabi and Oman bucked the trend with each gaining 1.2 percent on Tuesday.

Dubai, Qatar, Bahrain, and Kuwait all lost between 0.3 and 1.2 percent.

Elsewhere in the Middle East, the Egyptian main index gained 0.2 percent.

In energy trading, Brent crude slipped to $100.53 a barrel by 9:05 a.m. Saudi time on Wednesday, while US West Texas Intermediate traded at $94.4 a barrel.

Stock news

Saudi Telecom Co. saw its profit rise to SR5.9 billion ($1.6 billion) in the first half of 2022, allowing it to distribute quarterly dividends worth SR2 billion, or SR1 per share

Naqi Water Co.’s initial public offering’s retail tranche was 1,353 percent covered, generating SR560 million worth of subscriptions

Saudi British Bank’s profit increased by 10 percent to SR2.1 billion in the first half of 2022

Herfy Food Services Co.’s half-year profit was down 7 percent to SR49 million, weighed down by lower sales

Red Sea International Co. signed two contracts worth SR59 million with MDLBEAST to manufacture and supply prefabricated steel structures

Sumou Real Estate Co. reported a 4.3 percent decline in profit during the first half of 2022 to SR45 million

Ash-Sharqiyah Development Co. was suspended from trading its shares on the Saudi Exchange upon the company’s request

Raoom Trading Co. reported a 6 percent profit increase to SR16 million for the first half of 2022

East Pipes Integrated Co. for Industry obtained financing worth SR275 million to fund one of its projects

Unitholders of Al Rajhi REIT Fund will receive cash dividends of SR53 million in total for the first half of 2022

August 14, 2022

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