TASI starts the week higher on strong earnings reports: Opening bell

RIYADH: Saudi Arabia’s benchmark index TASI ended flat at 12,291 last week, amid a wave of earning reports and declining oil prices.

The UAE and Qatar indexes were down as a drop in oil prices dragged down shares, but other Gulf peers recorded slight gains.

Abu Dhabi, Dubai, and Qatar lost 0.3, 0.5, and 0.1 percent, respectively, while Kuwait, Bahrain, and Oman advanced between 0.1 percent and 0.2 percent.

Elsewhere in the Middle East, Egypt’s blue-chip index EGX30 gained as much as 5.3 percent.

Oil prices exited the previous week at their lowest level since February, with Brent crude settling at $94.92 a barrel and US West Texas Intermediate at $89.01 a barrel.

Stock news

Elm Co. announced a 59 percent surge in profit for the first half of 2022 to SR444 million ($118 million), in addition to a contract award worth SR57 million with the Ministry of Interior

Leejam Sports Co. will distribute cash dividends of SR0.37 per share for the second quarter of 2022

Red Sea International saw its first-half losses widen to SR67 million, following a revenue drop of 24 percent

Jazan Energy and Development Co. announced the resignation of its CEO Bedor Nasser Al-Rashoudi

Dr. Sulaiman Al Habib Medical Services Group said it will payout SR0.86 per share in quarterly dividends after posting a 22 percent profit rise to SR789 million for the first half of 2022

Unitholders of Alkhabeer Diversified Income Traded Fund will receive a cash dividend of SR0.26 per unit for the first half of the year

Calendar

August 14, 2022

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