All you need to know before Tadawul opens on February 3

RIYADH: Saudi Arabia’s stock market closed the previous session lower, as investors stepped back to lock their gains after a multi-day rally.

TASI, the main index, edged down by 0.82 percent to 12,192 points, dragged down by some of the Kingdom’s major players.

Similarly, the parallel Nomu market dropped by 1.46 percent, reaching 25,186 points.

Apart from the Saudi exchange, most GCC stock indexes registered gains on Wednesday.

Main indexes of Abu Dhabi, Dubai, Qatar, Bahrain, and Oman all edged up between 0.1 and 0.3 percent, while Kuwait’s BKP ended flat.

Elsewhere in the Middle East, the Egyptian index EGX30 sustained its rally as it added 0.8 percent.

In energy trading, Brent crude reached $89.2 per barrel, and US benchmark WTI crude oil hit $87.8 per barrel as of 9:49 a.m. Saudi time.

Stock news

• Saudi chemical giant SABIC has reported a massive increase in net profit in 2021 of 32,800 percent, reaching SR23 billion ($6.13 billion)
• Advanced Petrochemical Co. recorded a 37 percent profit jump in 2021, reaching its highest-ever annual profit of SR815 million
• Seera Group Holding has entered a SR170 million joint venture with AlUla Development Co. to operate Clarion Hotel
• Riyadh Court issued a preliminary ruling in the favor of the Aseer Co. to terminate the sale’s contract pertaining to north Riyadh land and pay SR202 million to Aseer
• Leejam Sports Co. has opened a new fitness center in Riyadh, bringing its total number of centers to 146
• Saudi Real Estate Co. reappointed Naif AlHamdan as board chairman for a three-year term