Oil Updates — Crude climbs ahead of OPEC+ meeting; Germany to use windfall tax income to reduce energy prices

RIYADH: Saudi stocks bucked a regional trend to start the week higher on Sunday, mirroring oil market gains ahead of Monday’s meeting of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+.

The Tadawul All Share Index edged up 0.4 percent to finish at 12,194, while the parallel Nomu market jumped 1.5 percent to 21,640.

Apart from Saudi Arabia, most Gulf markets registered losses as inflation fears weakened investor sentiment.

Qatar, Oman, and Kuwait all lost between 0.3 and 0.6 percent, while Bahrain’s BAX was flat.

Outside the Gulf, the Egyptian index EGX30 gained 0.6 percent.

As traders expected potential oil output cuts, Brent crude advanced to $95.11 a barrel and US West Texas Intermediate reached $88.6 as of 8:59 a.m. Saudi time on Monday. 

Stock news

Al Sagr Cooperative Insurance Co.’s board proposed a capital decrease of 65 percent to SR140 million ($37 million)

Group Five Pipe Saudi Co. turned into losses of SR19 million during the first half of 2022

Alkhorayef Water and Power Technologies Co. won a SR38 million contract to operate and maintain a sewage treatment plant for King Saud bin Abdulaziz University for Health Sciences

Saudi Automotive Services Co. will pay cash dividends of SR0.5 per share for the first half of 2022

Food delivery firm Jahez reported an 85 percent surge in profit for the first half of 2022, bolstered by increased user demand and a rise in orders booked through its app

Al Hammadi Holding’s wholly-owned unit was awarded a SR38 million deal to supply vaccines to the National Unified Procurement Co.

Arab Sea Information System Co. acquired a real estate asset worth SR52.5 million in Riyadh

Calendar

September 11, 2022

Start of Arabian Plastic Industrial Co.’s IPO book-building

September 13, 2022

End of Arabian Plastic Industrial Co.’s IPO book-building