https://arab.news/v5r95
RIYADH: Saudi stocks regained some momentum on Tuesday, mirroring a rise in oil prices after China eased lockdown restrictions.
TASI surged 2.1 percent to 11,671, buoyed by a 3.3 percent rise in oil giant Aramco and a 3.4 percent leap in the Kingdom’s biggest lender Saudi National Bank.
The parallel market, known as NOMU, also recorded a 0.6 percent gain to end the day at 20,358 points.
With Saudi Arabia leading the gainers in the Gulf, stock exchanges of Abu Dhabi, Dubai, and Qatar added 1.9, 1.1, and 1.1 percent, respectively.
This was followed by marginal gains amounting up to 0.3 percent in the Omani and Kuwaiti indexes, while Bahrain’s BAX bucked the trend to close 0.3 percent lower.
Elsewhere in the Middle East, Egypt’s benchmark index EGX30 extended losses as it slipped 0.8 percent.
In energy trading, Brent crude reached $117.44 a barrel by 9:09 a.m. Saudi time on Wednesday, while US West Texas Intermediate traded at $111.44 a barrel.
Stock news
- The Saudi Investment Bank, known as SAIB, completed the issuance of SR2 billion ($533 million) worth of Riyal-denominated Sukuk
- Saudi Telecom Co., better known as stc, received its board’s approval to repurchase up to 15 million shares at SR453 million for an employee incentive plan
- Derayah REIT fund received the board of directors’ approval to restructure its financing, which stood at SR748 million by 2021 end
- Ayyan Investment Co. almost completed construction works at Al Salam Hospital and expects to obtain the required licenses to begin trial operations by the third quarter of 2022
- Hail Cement Co.’s shareholders approved buying back 4.9 million shares and keeping them as treasury shares
- Saudia Dairy and Foodstuff Co.'s shareholders approved a dividend distribution of SR3 per share for the second half of its financial year ended March 31, 2022
- Naseej for Communication and Information Technology Co. was awarded a deal valued at SR14.5 million to implement a project in the field of e-education and training
- Shareholders of the Red Sea International Co. will vote on a capital reduction of 50 percent to SR302 million in the next general assembly meeting
- Saudi Advanced Industries Co. appointed Youssef Al-Qafari as board chairman instead of Abdullah Al-Juraish, who retains his membership in the board of directors
- Abdullah Saad Mohammed Abo Moati for Bookstores Co. posted a 183 percent profit surge to SR15.1 million for its fiscal year ending March 31, 2022
- Dar Al Arkan Real Estate Development Co. named Yousuf Al Shelash chairman of the board and Majed Abdul Rahman Al Qasim vice-chairman
- Retal Urban Development Co. bought SR339 million worth of residential lands within the Sedra Masterplan Community
- Shareholders of Saudi Arabia Refineries Co. approved a dividend payout of SR0.5 per share for 2021
- SABIC Agri-Nutrients Co. will distribute SR4 per share in dividends for the first half of the current year
Calendar
- June 30, 2022
End of the Wafrah for Industry and Development Co.’s subscription to new shares
End of Petro Rabigh’s subscription to new shares
- July 4, 2022
Launch of single-stock futures trading on Tadawul
- July 7, 2022
Saudi Exchange will close for Eid Al Adha holidays and resume trading on July 13