Saudi stocks rise 2% as oil prices dip: Opening bell
Follow-ups -eshrag News:
RIYADH: Saudi stocks closed the previous trading week lower in line with a global stock market turmoil caused by the launch of a full-scale Ukraine invasion by Russian troops.
At Thursday’s close, TASI and the parallel market Nomu both lost 1.8 percent to 12,297 and 24,942 points, respectively.
On the main market, shares in Saudi Aramco soared to the highest level since listing.
With a market cap of $2.24 trillion, the oil giant is close to catching the world’s most valuable company, Apple Inc., and has surpassed tech giant Microsoft.
In line with the Saudi index, all GCC bourses, including Abu Dhabi, Dubai, Qatar, Bahrain, Oman, and Kuwait, were down in response to the rising geopolitical tensions.
Elsewhere, the Egyptian blue-chip index EGX30 dipped 3.6 percent.
Oil prices pulled back from record highs on Friday as concerns over supplies eased after US sanctions spared Russian energy exports.
Brent crude retreated 1.2 percent to $97.9 after nearing $106 a day earlier. US benchmark WTI lost 1.3 percent to $91.6 a barrel.
Stock news
Saudi mining giant Ma’aden said it won’t pay dividends for 2021 despite turning into a profit of SR5.23 billion ($1.4 billion), fueled by higher product prices
Saudi Arabia’s SABB Takaful will be fully merged into Walaa Insurance following an agreement on Feb. 24
The National Agricultural Development Co., or Nadec, appointed Solaiman Altwaijri as CEO, following the resignation of Steen Hadsbjerg on Feb. 28
Saudi Cement Co. recorded a 27 percent decline in annual profit to SR331 million
Kingdom Holding Co. turned from losses of SR1.46 billion into a net profit of SR1.017 billion in 2021
Arabian Contracting Services Co. has completed the establishment of fully owned subsidiary Arabian Bird Trading Co. with a capital of SR50,000
Bupa Arabia for Cooperative Insurance has seen its profit drop by 10 percent to SR625 million in 2021 as it witnessed a fall in underwriting income
Nama Chemicals Co. has announced that audit committee member Fayez Al-Ahmari has resigned to be elected as chairman of the board for the new term
Saudi Capital Market Authority has approved the public offering of Miyar Morabaha Fund
Calendar
Feb. 27, 2022
Start of Al-Dawaa pharmacy chain’s IPO retail subscription
Feb. 28, 2022
Scientific and Medical Equipment House Co. will list on Saudi main index TASI
March 1, 2022
Saudi Azm for Communication and Information Technology Co. will list on the parallel market Nomu
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