RIYADH: Saudi Arabia’s main stock market closed higher on Wednesday to lead the GCC, as investor sentiment was buoyed by strong earnings results.
TASI the main index advanced 1 percent to 13,643, and the parallel market Nomu slipped 0.1 percent to 23,634.
Dubai recorded the second-highest gains among GCC members as it added 0.6 percent.
Abu Dhabi, Oman, and Kuwait’s bourses edged lower, while Qatar and Bahrain’s dropped over 1 percent each.
Elsewhere in the Middle East, Egypt’s EGX30 inched 0.3 percent higher.
In energy trading, Brent crude fell to $104.28 a barrel and US benchmark West Texas Intermediate traded at $101.09 a barrel as of 9:44 a.m. Saudi time.
Stock news
Saudi Arabian Mining Co., known as Ma’aden, saw its profits surge by 185 percent to SR2.17 billion ($580 million) last quarter
Bupa Arabia’s profits before Zakat retreated by 21 percent in the first quarter to SR138 million
Advanced Petrochemical Co. announced a slight drop in quarterly profit to SR164 million
United Electronics Co.'s profits advanced 20 percent to reach SR97 million during the first quarter of 2022
Saudi Steel Pipe Co. said it will not distribute dividends for 2021 due to accumulated losses, even as the company turned into SR15 million profit last quarter
Bawan Co. disclosed improved earnings results for the first quarter of 2022, with profit rising 21 percent to SR50 million from a year earlier
Nayifat Finance Co. recorded a 14.5 percent drop in quarterly profit to SR50 million
Qassim Cement Co.’s profits declined by 75 percent during the first quarter to reach SR25 million
Northern Region Cement Co. announced a 27 percent drop in profit to SR23 million in the first quarter of 2022
Al Moammar Information Systems Co. secured a Shariah-compliant loan worth SR150 million to finance projects and issuance of letters of credit and guarantee
Saudi-listed Electrical Industries Co.’s profits soared by 75 percent to SR12 million last quarter
Calendar
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
