RIYADH: Saudi stocks surged for a second consecutive day on Monday as investors’ sentiment improved on the back of solid earnings, despite growing Ukraine-Russia conflicts.
At the closing bell, the main index TASI, rose 1.4 percent to 12,590, closing the month 2.6 percent higher. The parallel market, Nomu, gained 0.28 percent to 25,022.
Saudi Arabia’s Scientific & Medical Equipment House topped TASI gainers on its first-day of trading, with a 30 percent increase.
This came in line with a regional stock market rebound, fueled by strong commodity prices.
Bourses of Abu Dhabi, Dubai, Qatar soared between 1.3 and 2.3 percent, while the Bahraini index and Oman’s MSX30 inched up by 0.2 and 0.5 percent, respectively.
Elsewhere in the Middle East, the Egyptian index EGX30 dipped 0.3 percent.
In energy trading, May Brent crude futures reached $101 in early trading hours on Tuesday, and US benchmark WTI traded at $96.7 per barrel as of 8:39 a.m. Saudi time.
Stock news
- National Medical Care Co. reported a 40 percent increase in profit to SR136 million ($36 million) for the year ending 2021
- Watani Iron Steel Co. posted profit hike of 51 percent in 2021, reaching SR47 million
- Hail Cement Co. recorded a 60 percent decline in profit to SR42 million in 2021
- The board of Aldrees Petroleum and Transport Services Co. approved the distribution of SR1.5 per share as cash dividends for 2021
- Saudi Kayan Petrochemical Co.’s board has approved the appointment of Fahd Al-Sherehy as a board representative for SABIC instead of Khalid Al-Garni
- Al-Etihad Cooperative Insurance Co. reported a 21 percent increase in profit before Zakat to SR48 million in 2021
- Arabia Insurance Cooperative Co. was awarded a contract worth SR40 million to provide general and motor insurance services to Aljomaih Group
- Makkah Construction and Development Co. recovered from earlier losses of SR59 million to generate profits of SR4 million in 2021, fueled by a 30 percent increase in revenue.
- Leading Saudi fitness chain Leejam Sports Co. announced the opening of a new fitness center in Riyadh
- Saudi Advanced Petrochemical Co.’s board recommended a capital increase of 20 percent to SR2.6 billion to support future expansions
- Saudi Capital Market Authority imposed an SR80,000 fine on Tihama Advertising and Public Relations Co. for the violation of listing rules
- Following the board’s approval, Saudi stock market regulator CMA issued a regulation aimed at implementing rules and reporting capital market law violations
Calendar
March 1, 2022
- Saudi Azm for Communication and Information Technology Co. will list on the parallel market Nomu
- Nahdi Medical Co. will begin IPO book-building
March 2, 2022
- Aljouf Mineral Water Bottling Co. will debut on the parallel market Nomu
March 3, 2022
- Arabian International Healthcare Holding Co., known as Tibbiyah, will list on the parallel market Nomu
March 7, 2022
- Nahdi Medical Co.’s IPO book-building ends
