RIYADH: A plunge in oil prices weighed on major Gulf markets on Monday, but Saudi Arabian stocks bucked the trend to close higher.
Even as TASI the main index advanced by 0.6 percent to reach 13,543 points, the Kingdom’s parallel market, known as Nomu, shed 1.3 percent to 23,521 points.
Stock exchanges of Qatar, Abu Dhabi, and Dubai dropped 1.6, 0.9, and 0.8 percent, respectively.
The Bahraini and Omani indexes both lost 0.6 percent, while Kuwait’s BKP index gained 1.1 percent.
Concerns over rising interest rates and global economic growth weighed on oil prices.
Brent crude is now trading at $102.99, and US West Texas Intermediate reached $98.96 as of 9:36 a.m. Saudi time on Tuesday.
Stock news
Saudi lender Bank AlJazira reported a 17-percent rise in net profit in the first quarter to SR375 million ($100 million)
Fitch Ratings revised Saudi Basic Industries Corp.’s long-term foreign-currency issuer default rating to positive from stable and affirmed its A rating, following similar rating action on its majority parent Saudi Aramco
Saudi Arabian Mining Co., the Gulf’s largest miner, received Capital Market Authority approval to double its capital to SR24.6 billion by issuing bonus shares
Alkhorayef Water and Power Technologies Co. closed a SR196 million deal to manage and operate a project by the National Water Co.
Petro Rabigh received approval from the CMA to increase its capital through a rights issue amounting to SR7.95 billion
Amana Cooperative Insurance Co. was approved by the Saudi central bank for a capital increase from SR130 million to SR430 million
Musharaka REIT completed its SR235 million acquisition of Verdun Tower in Riyadh
Naseej International Trading Co. turned into profitability last quarter, posting profits of SR6.5 million on the back of higher sales
Allied Cooperative Insurance Group cut accumulated losses to SR116 million, representing 40 percent of the company’s capital
Calendar
April 27, 2022
Alkhabeer Growth and Income Traded Fund will list on Saudi Arabia’s main market
Saudi Industrial Investment Group will distribute SR0.75 per share in dividends for the second half of 2021
May 11, 2022
Start of Arabian Food & Dairy Factories Co.’s IPO book-building
May 15, 2022
Saudi Aramco will disclose its financial results for the first quarter of 2022
End of Arabian Food & Dairy Factories Co.’s IPO book-building
May 22, 2022
Start of Amwaj International Co.’s IPO book-building
May 25, 2022
End of Amwaj International Co.’s IPO book-building
