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Follow-ups -eshrag News:

RIYADH: Saudi stocks finished flat on Monday after declining a day earlier, as investor sentiment was dragged down by a weakening global economic outlook.

TASI, the main benchmark index, ended the session at 12,560, while the parallel market Nomu added 0.3 percent to 21,724.

Gulf markets were mixed on Monday, with the Qatari index slipping 1.2 percent, Abu Dhabi and Dubai down nearly 0.4 percent, and Bahrain, Oman, and Kuwait edging slightly higher.

The volatility across the oil-rich region’s markets came on the back of oil price fluctuations over the past period.

Brent crude traded higher at $96.89 a barrel on Tuesday, and US West Texas Intermediate fell to $90.23 a barrel by 9:11 a.m. Saudi time.

Outside the Gulf, Egypt’s EGX30 reversed on Monday with gains closing at 0.9 percent lower after the country’s central bank kept interest rates unchanged following the appointment of a new governor last week.

Stock news

Saudi Real Estate Co. swung into profits of SR15.9 million ($4.2 million) during the first half of 2022.

Al Abdullatif Industrial Investment Co. turned into losses of SR16 million in the first half of 2022.

Jazan Energy and Development Co. saw its first-half profit surge 187 percent to SR28 million.

Etihad Atheeb Telecommunication Co.’s losses narrowed by 86 percent to SR1.7 million during the second quarter of 2022.

Saudi Public Transport Co. saw its losses shrink by 97 percent to SR2.6 million in the first half of 2022.

Saudi Arabian Cooperative Insurance Co.’s half-year net loss before Zakat was cut by 34 percent to SR20 million.

Alkhaleej Training and Education Co. returned to profits amounting to SR1 million in the first half of 2022.

Salama Cooperative Insurance Co. suffered losses of SR67 million in the first half, after making SR144 million in profits in the prior-year period.

Hail Cement Co. turned into losses of SR14 million during the first half of 2022.

Filling & Packing Materials MFG. Co. was back to profitability in the first half of 2022 with SR1.3 million.

Electrical Industries Co.’s profits jumped 105 percent to SR31 million in the first half of 2022.

Jahez established a limited liability company, the BLU store, with AlHilal Club Investment Co. to sell and market products with different brands and provide online services.

Arabian Contracting Services Co., known as Al Arabia, posted a 63 percent surge in its first-half profit to SR128 million.

The Co. for Cooperative Insurance closed a deal to provide insurance services to National Water Co.’s employees and their families.

Sinad Holding Co.’s losses widened by 354 percent to SR10 million during the first half of 2022.

Alsagr Cooperative Insurance Co. announced it will not be able to publish its financial results for the first half of 2022.


Aug. 25, 2022

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