RIYADH: Saudi Arabia’s stock market closed higher on Sunday, propelled by bumper financial results that beat analysts’ forecasts for oil giant Aramco.
TASI added 0.83 percent to 12,875 points, with Aramco soaring 3.35 percent to near a record high as profits surged 124 percent to SR412 billion ($110 billion).
With the latest share hike, the oil giant approached $2.31 trillion in market cap, making it the second-largest valued company globally after tech major Apple Inc.
The parallel market, Nomu, fell 0.46 percent to reach 24,789.
Other GCC bourses ended mixed, with Saudi main index leading the gains.
Bahrain’s stock index went up by 0.5 percent, whereas the Qatari index edged 0.5 percent lower. Stock exchanges in Oman and Kuwait traded almost flat.
Elsewhere in the Middle East, the Egyptian index EGX30 surged as high as 2.3 percent.
As supply woes continued to rattle traders, oil prices were back above the $100 level. Brent crude rose to $111.4 a barrel and US WTI reached $108.25 as of 8:06 a.m. Saudi time on Monday.
Stock news
- Saudi online food platform Jahez’s profits almost tripled to SR117 million ($31 million) during 2021, the Riyadh-based firm revealed in its first post-listing results
- Almunajem Foods Co.’s profits dropped by 27.7 percent to SR166 million in 2021
- Saudi Industrial Services Co. is seeking to acquire a 31.7 percent stake in UAE’s investment firm Green Dome as it bids to beef up its logistics portfolio
- Advanced Petrochemical Co.’s board approved a capital increase of 20 percent to SR2.6 billion by distributing bonus shares in line with expansion efforts
- Saudi food chain Herfy posted a 200 percent jump in annual profit to SR160 million
- Nomu-listed Saudi Parts Center Co. will establish a fully owned company specialized in manufacturing spare parts with SR100,000 capital
- Allianz Saudi Fransi Cooperative Insurance Co. turned from losses of SR17 million in 2020 to profit before Zakat of SR16.5 million a year later in its annual financial results
- Profits of Ayyan Investment Co. dropped by almost 80 percent to SR6.38 million in 2021
- SATORP, a joint venture between oil giant Aramco and France’s Total Oil Co., narrowed its losses by 65 percent to SR908 million in 2021.
Calendar
March 21, 2022
- End of Saudi Home Loans' IPO book-building period
March 22, 2022
- Nahdi Medical Co. to start trading on Saudi main index TASI
