RIYADH: Saudi main stock index maintained its winning streak Mar. 2 in line with a rally in oil prices ahead of OPEC+ meeting as the Organization of the Petroleum Exporting Countries members and its allies are expected to convene to discuss oil output.
Brent crude neared $110 during Tuesday overnight Trading, after settling at $105 a day earlier. US benchmark WTI climbed to $108 per barrel as of 6:56 a.m. Saudi time.
At the previous closing bell, TASI rose for a third straight day, closing 0.7 percent higher at 12,674, while the parallel market, Nomu, edged down 0.9 percent to 25,000.
This came as major Middle Eastern bourses registered gains, led by the Qatari index QSI that added up to 2.5 percent, even as the Ukraine-Russia conflict continues.
Dubai, Abu Dhabi, and Egypt bourses all advanced between 1.2 and 2.2 percent.
Elsewhere, stock indexes of Bahrain and Oman recorded fractional gains of 0.3 and 0.5 percent, respectively.
Stock news
- Saudi Industrial Services Co., also known as SISCO, recorded a 58 percent decline in profit to SR57.9 million ($1.4 million) in 2021
- SABB Takaful Co. renewed its money insurance policy with SABB bank in a SR3.25 million deal
- Astra Industrial Group reported a 75 percent increase in profit to SR202 million in 2021
- Taiba Investments Co. turned into losses of SR117 million in 2021
- Saudi Steel Pipe Co. was awarded contracts worth SR88.5 million to supply oil and gas steel pipes to Uruguay’s Tenaris Global Services
- Maharah Human Resources Co. extended its memorandum of understanding to acquire 40 percent in Salis for Trading and Marketing Co. for three more months
- Amlak International for Real Estate Finance Co. renewed its SR664.5 million credit facility agreement with the Saudi Investment Bank, known as SAIB
- Saudi Enaya Cooperative Insurance Co. announced that accumulated losses reached 61 percent of capital
- Saudi-based National Metal Manufacturing and Casting Co. extended its initial agreement with India’s IGL group to establish an aluminum foundry for six more months
- Gulf General Cooperative Insurance was awarded a one-year contract to provide motor and general insurance to Abdullatif Al-Issa Group
Calendar
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
