RIYADH: ¶¶Òõ¶ÌÊÓƵ’s stock market closed the previous week at one of its lowest levels in years on the back of rising recession fears.
TASI, the main index, ended Thursday’s session 1.1 percent lower at 11,163 points, after closing at 11,417 prior to the Eid Al-Adha holiday.
Elsewhere in the Gulf, Abu Dhabi, Dubai, and Oman advanced by 0.9, 1.3 and 0.7 percent, respectively, on Thursday.
Bahrain’s BAX lost 1.2 percent, while stock exchanges of Kuwait and Qatar recorded a slight drop.
UAE bourses extended gains on Friday, as oil prices rose in response to reports that an immediate Saudi oil output boost was not expected.
Brent crude settled 2 percent higher at $101.16 a barrel, while US benchmark West Texas Intermediate rose to $97.59 a barrel.
Stock news
The Saudi Exchange announced the launch of its first Shariah-compliant index, the TASI Islamic Index.
Zain KSA, formally known as Mobile Telecommunication Co. ¶¶Òõ¶ÌÊÓƵ, posted a 157 percent increase in profit to SR214 million ($57 million) for the first half of 2022
Almarai Co. reported SR941 million in profit for the first half of the year, up from SR868 million in the same period a year ago
Arabian Pipes Co.’s board proposed a capital increase of SR150 million to support working capital and strengthen the company’s financial position
Jarir Marketing Co. recorded SR429 million in profit for the first half of 2022, down 6 percent from the same period last year
Naqi Water Co. set its initial public offering price range at SR65-69 per share and will run the book-building period from July 17 to July 21
Wafrah for Industry and Development Co.’s rump offering was 330 percent covered, generating proceeds of SR90 million
Alinma Bank will distribute dividends of SR0.45 per share for the first half of 2022
Saudi Kayan Petrochemical Co. appointed Metab Al-Shahrani as CEO effective July 24
Al Moammar Information Systems Co. attained the licensing solution provider agreement with Microsoft to offer the latter’s solution to its customers
Methanol Chemicals Co. obtained Shariah-compliant financing worth SR695 million
Abdullah Al-Othaim Markets Co.’s board approved selling all its shares in its investment arm to Al-Othaim Holding Co. for SR847 million
National Co. for Learning & Education signed a SR72 million deal to acquire Al-Salam Private Schools
Calendar
July 17, 2022
Keir International Co. to start trading on the parallel Nomu market
Start of Naqi Water’s IPO book-building
July 21, 2022
End of Naqi Water’s IPO book-building
