What to know before the stock market opens on Wednesday

RIYADH: As oil prices fell from record highs, Saudi Arabia’s main stock index slipped on Tuesday, snapping its two-day winning streak.

TASI ended 0.2 percent lower at 12,225 points, and the parallel market Nomu added 84 points to 25,365.  

Elsewhere in the Gulf, stock indexes of Abu Dhabi, Dubai, Bahrain, and Kuwait advanced between 0.4 and 0.8 percent, while Oman’s MSX30 dipped 0.4 percent.

The Egyptian blue-chip index EGX30 extended losses, down by 0.2 percent.

In the energy market, Brent crude reached $91.2 per barrel, and US benchmark WTI fell to $89.7 per barrel at 7:15 a.m. Riyadh time on Wednesday.

Stock news

• Profits of the Saudi Investment Bank, also known as SAIB, jumped to SR1.06 billion ($283 million) during 2021, bolstered by a fall in expenses
• Saudi healthcare provider Tibbiyah, formally known as Arabian International Healthcare Holding Co., finalized the book-building, led by Aldukheil Financial Group, with a coverage of 48.8 times. This resulted in an offer price of SR82 per share
• Al Rajhi Capital has announced the acquisition of Oasis mall by Al Rajhi REIT Fund at SR93 million
• Saudi cement producer Qassim Cement Co. has seen its profit decline by 30 percent during 2021. Separately, the company said it will distribute cash dividends of SR0.6 per share for the fourth quarter of 2021
• Astra Industrial Group’s Al Tanmiya Steel will sell its entire stake in Al Anmaa for Construction Materials Production at a value of SR731 million