Economy

TASI flat as investors monitor US-China tensions: Opening bell

Follow-ups -eshrag News:

RIYADH: Saudi Arabia’s main benchmark index ended lower for a second consecutive day on Wednesday, tracking a drop in oil prices.

TASI slipped 0.2 percent to 12,291 while the parallel market, Nomu, added 1 percent to 21,758.

Dubai, Abu Dhabi, and Bahrain declined in line with Saudi Arabia, losing between 0.2 and 0.5 percent.

The Kuwaiti bourse ended flat, while stock exchanges of Qatar and Oman bucked the trend to close 0.6 percent and 0.4 percent higher, respectively.

Elsewhere in the Middle East, Egypt’s blue-chip index EGX30 surged 1 percent.

In energy trading, Brent crude edged down to $96.62 a barrel, and US West Texas Intermediate reached $90.57 a barrel as of 9:05 a.m. Saudi time on Thursday.

Stock news

Profits of Riyad Bank rose 10 percent to SR3.2 billion ($842 million) in the first half of 2022

Saudi Steel Pipe Co. turned into profits of SR26 million in the first half of 2022, compared with losses of SR16.7 million in the prior-year period

Bupa Arabia for Cooperative Insurance saw its profit drop by 16 percent in the first half of 2022, as it witnessed a fall in underwriting income

National Industrialization Co.’s profit declined 11 percent to SR606 million during the first half of 2022

Saudi Telecom Co., better known as stc, invited its shareholders to vote on a 150 percent capital increase to SR50 billion

Arabian Contracting Services Co.’s unit signed a deal worth SR9 million to install billboards on Egypt’s North Coast

Naba Alsaha Medical Services Co.’s initial public offering was priced at SR57 per share, and the subscription period will run for six days starting Aug. 8

Eastern Province Cement Co. will distribute dividends of SR1 per share for the first half of 2022

Saudi Industrial Investment Group’s profits for the first half of 2022 declined by 36 percent to SR519 million

Methanol Chemicals Co. has named Sabri Abdullah Al-Ghamdi as managing director

Al-Khaleej Training and Education Co. signed an initial deal with Al-Awael Gulf Holding Co. to potentially acquire 70 percent of Al-Awael Private Schools Co.

Calendar

August 14, 2022

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

 

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