RIYADH: Saudi stocks dropped on Monday amid a continued fluctuation in oil prices and inflation fears that weighed on investor sentiment.
TASI fell 0.8 percent to end the day at 11,427 following the debut of Saudi developer Retal Urban Development, while the parallel Nomu market lost 2.1 percent to 20,248.
Unlike Saudi Arabia, most stock markets of gulf peers rebounded on Monday, except for the Omani index which closed flat.
Abu Dhabi, Dubai, Qatar, Bahrain, and Kuwait all added between 0.1 and 0.5 percent.
Elsewhere in the Middle East, the Egyptian blue-chip index EGX30 slipped 2 percent.
Oil prices edged up on Tuesday, with Brent crude rising to $116.97 a barrel and US West Texas Intermediate reaching $111.2 a barrel by 9:15 a.m. Saudi time.
Stock news
Retal Urban Development posted a 62 percent increase in profit to SR63.4 million ($17 million) for the first quarter of 2022
Saudi Cable Co. submitted a filing to the Capital Market Authority to decrease its capital by SR196 million
Saudi Real Estate Co. made early repayment to settle the remaining balance of its SR535 million loan with Riyad Bank
Petro Rabigh’s rights issue was 96 percent subscribed, generating SR7.65 billion in proceeds
solutions by stc secured banking facilities worth SR1 billion to finance its acquisition of Egypt’s Giza Systems
Alinma Investment Co. will distribute SR10 million in cash dividends to unitholders of Alinma Saudi Government Sukuk ETF Fund
Bawan Co. intends to buy back up to 3 million shares to keep them as treasury shares
National Gas and Industrialization Co. received shareholders’ approval for cash dividends of SR1.5 per share for 2021
Calendar
June 28, 2022
End of the Saudi Investment Bank’s Sukuk offering
