All you need to know for 2021’s pre-final trading session

RIYADH: The performance of the Saudi stock market on Tuesday illustrated resilience in the face of omicron concerns as Tadawul approaches year-end.

With the main stock index TASI rebounding to reach a one-month high, both Saudi indexes –TASI and Nomu – ended the latest session higher, up 1.4 percent and 1.8 percent to 11,315 and 26,705 points, respectively.

Factors contributing to the hike included rising oil prices as well as a series of initial public offerings and dividends.

This came in line with the Gulf stock markets with most of the GCC indexes ending in green, except for Abu Dhabi’s ADI which fell 0.2 percent.

Oman’s index MSX30 closed 0.9 percent higher, followed by bourses of the UAE, Qatar, Bahrain, and Kuwait which all rose in the range of 0.2 to 0.5 percent.

Elsewhere in the Middle East, the Egyptian index EGX30 went up by 0.5 percent.

That said, coronavirus and its omicron variant may continue to weigh on investor sentiment in the coming period.

With over 1.44 million cases worldwide on Dec. 27, global coronavirus cases hit a record daily high ever since the start of the pandemic, Bloomberg reported.

As of 8:56 a.m. Saudi time, Brent crude oil went up by 0.11 percent to reach $79 per barrel, while US WTI crude remained flat at $76 a barrel.

Stock news:

• Halwani Bros Co.’s board recommended cash dividends of SR70.7 million ($19 million) – SR2 per share –for the ongoing fiscal year
• Qassim Cement Co. entered an initial agreement with the Chinese company, CDI, to establish a cement mill in Buraydah at a cost of SR152 million, operating 300 tons per hour
• Gulf Union Al Ahlia has submitted a file to the Capital Market Authority, CMA, to increase the company’s capital from SR229 million to SR459 million via a rights issue
• Dur Hospitality Co. was awarded a contract worth SR82.5 million to construct a luxury residential compound in Riyadh over an area of 30,000 square meters with Al Murshid Contracting Group Co.
• The Knowledge Economic City Co. has appointed Mohammed Almubarak as chief executive officer, effective Jan. 1, 2022
• Al-Moammar Information Systems Co. has signed a SR54.9 million deal to maintain computers for Royal Commission for Jubail
• Etihad Atheeb Telecommunications Co. has submitted an application to the CMA to increase capital through a rights issue worth SR350 million