Follow-ups -eshrag News:
RIYADH: Saudi stocks plunged around 1.6 percent on Wednesday as investors weighed the impact of potential further interest rate hikes.
TASI ended the session 1.6 percent lower at 11,893, while Nomu the parallel market lost 0.7 percent to 20,851.
Rate hike fears also subdued gains in fellow Gulf and Middle Eastern markets, with the Egyptian index tumbling 1.9 percent, followed by a 1.7 percent loss in Qatar.
Dubai, Abu Dhabi, Kuwait, and Oman all shed between 0.2 and 0.9 percent, while the Bahraini bourse exited the session nearly flat.
In energy trading, Brent crude reached $94.11 a barrel as of 8:50 a.m. Saudi time on Thursday. US West Texas Intermediate traded at $88.64 a barrel.
ACWA Power Co. signed an agreement to sell a 49 percent stake in its Uzbekistani unit to China’s Silk Road Fund for $130 million
Saudi Airlines Catering Co. renewed a SR240 million ($64 million) contract with Flynas to provide inflight catering services to the latter for another four years
Maharah Human Resources Co. signed a framework agreement for the provision of manpower services with SABIC
Naba Alsaha Medical Services Co. registered an 8 percent increase in first-half profit to SR15 million
Saudi Azm for Communication and Information Technology Co. signed a SR16.5 million deal with the Ministry of Finance to develop digital portals and smart applications
Saudi Cable Co. reported a 69 percent reduction in accumulated losses to SR60 million, representing 90 percent of its recently reduced capital
Tawzea, an equally owned unit of Saudi Arabian Amiantit and Saudi Industrial Services Co., inked a SR420 million contract with the National Water Co. for water treatment services in the northern region
Saudi Networkers Services Co. saw its first-half profits rise by 14 percent to SR21 million
Saudi stock exchange approved the listing of SR1.7 billion worth of government debt instruments submitted by the Ministry of Finance
National Environmental Recycling Co. reported SR8.5 million in profit for the first half of 2022, declining 13 percent from the first half of 2021
International Human Resources Co. posted a 24 percent increase in net profit to SR3.7 million in the first half of the year
Shatirah House Restaurant Co.’s first-half profit slipped 54 percent to SR3 million
September 22, 2022
Tadawul will be closed for the Saudi National Day
Noting that the news was copied from another site and all rights reserved to the original source.