RIYADH: Saudi stocks further dipped during Monday's trading session, mirroring a global trend amid fears that rising inflation will cause an economic slowdown.
The main index, TASI, dropped 2.18 percent to 12,053, while the parallel market, Nomu, shed 1.27 percent to 21,461.
Dubai lost as much as 2.7 percent to lead the fall in the Gulf, followed by Saudi Arabia.
Stock exchanges of Abu Dhabi, Qatar, and Bahrain were down 1.8, 1.5, and 1 percent, respectively, followed by Oman and Kuwait with declines up to 0.4 percent.
Outside the Gulf, Egypt’s blue-chip index EGX30 retreated 0.8 percent.
In energy trading, Brent crude edged up to $122.95 a barrel, and US West Texas Intermediate reached $121.5 a barrel as of 9:11 a.m. Saudi time on Tuesday.
Stock news
Al Moammar Information Systems Co. closed a deal with Al Rajhi Financial Co. to set up a SR1 billion ($266 million) Shariah-compliant investment fund
Almarai Co.’s board approved entering the seafood segment with SR252 million investment as well as injecting SR153 million to secure parent poultry birds’ stock
AXA Cooperative Insurance Co. secured shareholders' approval to change the company’s name to Gulf Insurance Group
Bawan Co. appointed Mohammad Al-Balawi as CEO effective July 1, 2022
Shareholders of Middle East Paper Co. approved the distribution of SR1 per share as a cash dividend for 2021
Hospitality major Abdulmohsen Alhokair Group for Tourism and Development’s board recommended a capital decrease of 46 percent to SR350 million
Anaam International Holding’s rump offering was 311 percent oversubscribed, generating SR68 million
Calendar
June 14, 2022
Saudi construction firm Ladun Investment Co. will start trading its shares on the parallel Nomu market
Start of Rabigh Refining and Petrochemical Co.’s, or Petro Rabigh, subscription to new shares and rights trading
June 21, 2022
Rabigh Refining and Petrochemical Co.’s rights trading ends
June 26, 2022
Rabigh Refining and Petrochemical Co.’s subscription to new shares ends
