Economy

TASI starts flat following market uncertainty over oil price shifts: Opening bell

Follow-ups -eshrag News:

RIYADH: Saudi stocks started the week lower on Sunday, after worries over recession pushed oil prices to their lowest levels since February.

TASI closed 0.6 percent down at 12,216 points, while the parallel Nomu market lost 0.3 percent to 21,776 points.

The Kingdom posted a SR77.9 billion ($20.8 billion) budget surplus during the second quarter of 2022, the Ministry of Finance reported. 

Elsewhere, Qatar and Bahrain ended flat, while Kuwait and Oman slipped 0.4 and 0.3 percent, respectively.

Outside the Gulf, the Egyptian primary index extended gains by 0.9 percent, after adding over 5 percent in the prior session.

In energy trading, Brent crude reached $95.69 a barrel by 9:07 a.m. Saudi time on Monday, while US West Texas Intermediate reached $89.64 a barrel.

Stock news

Almarai Co. re-appointed Prince Naif bin Sultan bin Mohammed bin Saud Alkabeer as chairman and Suliman Al Muhaideb as vice chairman

Bank Albilad established a closed joint stock company in Riyadh, Enjaz Payment Services Co., with a capital of SR200 million

Wafrah for Industry and Development Co. signed a contract with German food solutions firm GEA to manufacture and supply frozen and cooked meat processing lines

Middle East Paper Co. posted a 216 percent leap in profits during the first half of 2022 to SR192 million

Raoom Trading Co.’s shareholders approved a 25% capital increase plan to SR62.5 million

Alakaria’s unit Al Widyan Saudi Real Estate Co. will reduce its capital from SR100 million to SR500,000

Middle East Healthcare Co. reported a 46 percent profit surge to SR31 million for the first half of 2022

Makkah Construction and Development Co. was suspended from trading due to its failure to announce financial results in the specified period by the Saudi Exchange

International Human Resources Co. set its price guidance for a direct listing on Nomu at SR34 per share

Calendar

August 8, 2022

Start of Naba Alsaha Medical Services Co.’s IPO subscription

August 9, 2022

Alamar Foods Co. will start trading its shares on the Saudi Exchange

August 14, 2022

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

Close of Naba Alsaha Medical Services Co.’s IPO subscription

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