RIYADH: Saudi Arabia’s main stock index TASI closed lower on Wednesday, despite the recent US ban on Russian imports driving brent crude oil near $130 per barrel.
At the closing bell, TASI lost 0.88 percent to 12,739 points, while the parallel market, Nomu, surged 1.03 percent to 24,796 points.
Stock exchanges in Abu Dhabi, Dubai, and Qatar joined the volatile downturn, with the Abu Dhabi index dropping 2.2 percent.
Elsewhere in the Gulf, Oman and Kuwait stocks registered gains at 0.8 and 0.6 percent, respectively, while Bahrain’s BAX was flat.
The Egyptian blue-chip index EGX30 slightly rebounded from four days of losses as it added 0.2 percent.
Stock News
- Saudi Chemical Co. signed an initial agreement with global defense firm EXPAL Systems to localize the production of military products in Riyadh
- Batic Investments and Logistics Co., owner of Mubarrad, inked a memorandum of understanding to fully acquire Afkar Logistics Co.
- Saudi Azm for Communication and Information Technology Co. sealed a deal with the Small and Medium Enterprises General Authority to support the growth of SMEs
- A unit of Advanced Petrochemical Co. has closed a loan deal worth SR3 billion ($800 million) with the Saudi Industrial Development Fund, known as SIDF
- Buruj Cooperative Insurance saw its profit before Zakat drop 7.6 percent year-on-year to SR15.8 million in 2021
- Saudi Industrial exports Co. announced it has settled bad debt amounting to $5.34 million from previous clients in Ethiopia
- City Cement Co. posted a decline in profit of 27 percent to SR160 million in 2021, mainly driven by a drop in sales. That said, the company’s board has proposed dividends of SR0.5 per share for the second half of 2021
- Ataa Educational Co. saw nearly a 500 percent jump in profits to SR68 million in the second half of 2021
- Saudi Automotive Services Co., SASCO, reported a 26 percent increase in profit to SR50 million in 2021
- National Industrialization Co., known as Tansee, swung from losses of SR447 million into a profit of SR1.36 billion in 2021
- Banque Saudi Fransi’s CEO, Rayan Fayez, resigned and will continue as a board member effective May 31
- Arab Sea Information System Co. achieved SR21.5 million profit in 2021, after erasing losses of SR15.8 million from a year earlier as revenue soared
- Saudi Southern Province Cement Co. saw a 26 percent decline in profit to SR450 million in 2021 due to a drop in sales
Calendar
March 11, 2022
- End of Al Masane Al Kobra Mining Co.’s, or AMAK, IPO retail subscription
March 13, 2022
- Nahdi Medical Co. will start IPO retail offering
March 14, 2022
- Pharmacy chain operator, Al-Dawaa Medical Services Co., will list on TASI
March 15, 2022
- End of Nahdi Medical Co.’s IPO retail offering
- Saudi Home Loans will begin its IPO book-building process
