MENA Project Tracker — ADNOC receives EOI for EPC contract; MENA moves toward petrochemical projects

RIYADH: Saudi stocks reversed this week’s slide as crude oil prices returned to surge toward $100 a barrel.

Brent crude increased to $101.06 a barrel, while US West Texas Intermediate reached $94.47 a barrel, as of 3:25 p.m. Saudi time.

As of Wednesday’s closing bell, TASI added 0.19 percent to finish at 12,443, while Nomu increased 0.33 percent to end at 21,633.

Oil giant Saudi Aramco ended the session with a 1.95 percent gain, while Al Rajhi, the Kingdom’s largest valued bank, traded 0.33 percent lower.

The Saudi National Bank, the country’s biggest lender, fell 0.42 percent, while Alinma Bank dropped 1.04 percent.

Seera Group Holding slid 2.55 percent, after its losses narrowed by 43 percent to SR131 million ($35 million) during the first half of 2022.

BinDawood Holding Co. lost 3.64 percent, following a decline in profits of 31 percent to SR108 million in the first half.

Dar Alarkan Real Estate Development Co. sank 6.85 percent, despite a 515 percent surge in first-half profits of SR313.6 million.

Savola Group dropped 1.19 percent, even with its first-half profit increasing 37 percent to SR485 million.

National Gypsum Co. fell  2.08 percent, with profits declining 72 percent to SR5 million during the first half of 2022.

Saudi Marketing Co. decreased 2.52 percent, despite posting a higher first-half profit of SR12 million.