US crude stockpiles build more than expected: EIA

Follow-ups -eshrag News:

RIYADH: Saudi Arabia’s Tadawul All Share Index on Thursday closed flat — or 0.07 points down — at 10,531.83, as global economic winds withered investors’ appetite to take any further risks. 

“The Tadawul index did not witness any significant change, with caution continuing, and it seems that risk aversion prevails at the moment,” Raed Mohamed Diab, vice president of investment strategy and research of Kuwait-based Kamco Invest, told Arab News. 

TASI’s total trading turnover slipped 18 percent to SR3.69 billion ($980 million) from Wednesday’s SR4.51 billion despite the market breadth witnessing 152 of the listed 223 gain and 48 in red. 

On the sectoral front, 14 of the 21 progressed while seven dropped. 

Parallel market Nomu and MSCI Tadawul 30 Index also fell flat to close at 19,304.73 and 1,465.68, respectively.  

“Concerns about the global demand for oil with the continued challenges facing China with the spread of the COVID-19 virus and the decline in economic activity in the main global markets led to a decline in oil prices,” said Diab. 

On Thursday, Brent crude was up 2.3 percent to $79.59 a barrel at 2:16 p.m. Riyadh time, while US West Texas Intermediate crude gained 2.2 percent to $74.47, recouping from the biggest two-day loss for the start of a year in three decades. 

“With the fluctuation in oil prices and the uncertainties that we see in the global markets, volatility is likely to continue in the coming period,” added Diab. 

Stock markets in the Gulf Cooperation Council region, however, on Jan. 5 broke the impasse as all indices except Dubai and Abu Dhabi gained. Qatar Stock Exchange, in fact, rose 300.19 points to close at 11,145.31. 

Meanwhile, the topmost gainer on Tadawul Etihad Atheeb Telecommunication Co. surged 9.98 percent to SR58.40, followed by the National Company for Learning and Education and Dur Hospitality Co., which added about 6 percent to close at SR75.8 and SR21.50, respectively.  

From an announcement standpoint, Jahez International Company for Information Systems Technology on Thursday informed Tadawul about completing all procedures related to its acquisition of Marn Business Information Technology Co. 

Last October, the company signed a share purchase agreement to fully acquire MBIT for SR60 million, and the financial impact of this deal will reflect in the first half of 2023. Its share price on Thursday jumped 1.16 percent to SR677.80. 

Alinma Retail REIT Fund also announced completing the acquisition of an office and commercial building in Riyadh. The fund manager said in a statement to the exchange that the purchase price is SR52 million, and the brokerage fee is SR500,000. Its share price climbed 1.62 percent to SR5.03. 

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