RIYADH: Saudi stocks saw their fourth straight day of losses on Monday as falling oil prices weighed on investors’ sentiment in the oil-rich nation.
Oil slid to its lowest levels in weeks as continued Russia-Ukraine conflicts aroused volatility.
Brent crude extended losses by $5.58 to $101.32 a barrel as of 8:17 a.m. Riyadh time on Tuesday. US West Texas Intermediate crude fell below $100, down $5.34 to $97.67.
At the previous closing bell, TASI lost 0.9 percent to 12,492, with Al-Dawaa Medical Services Co. soaring nearly 8 percent on its trading debut and hitting $1.8 billion in market cap.
The parallel market, Nomu, tumbled 1.1 percent to 24,366 points.
In line with the Saudi index, all major stock exchanges in the Middle East dipped on Monday.
Bourses of Abu Dhabi, Dubai, and Bahrain registered the highest drop, ranging between 1 and 1.4 percent.
Stock news
- Al Alamiya for Cooperative Insurance Co. swung into profits of SR27 million ($7.2 million) before Zakat in 2021, erasing losses of SR1.4 million a year earlier
- Jarir Marketing Co. has appointed Mohammad bin Abdul Rahman Al-Agil as board chairman for a three-year term starting Mar. 9
- United Wires Factories Co. and Themar Food and Catering Co. agreed to extend their memorandum of understanding for a potential share acquisition for 45 more days
- Saudi Advanced Industries Co. appointed a new CEO, Mohammed Abdul Aziz Al-Shtawi, whose term will commence on May 16
- SABB Takaful Co. turned into a profit of SR1.3 million before Zakat in 2021
- Abo Moati for Bookstores Co. obtained a Shariah-compliant loan worth SR35 million to finance working capital requirements
Calendar
March 15, 2022
- End of Nahdi Medical Co.’s IPO retail offering
- Saudi Home Loans will begin its IPO book-building process
