RIYADH: Saudi Arabian stocks gained on Wednesday, supported by a rise in oil prices despite ongoing concerns over a potential global recession.
The main index TASI advanced 0.5 percent to reach 11,727, while the parallel market, Nomu, added 1.8 percent to 20,728.
TASI was lifted by a 0.9 percent rise in oil giant Aramco and a 2.9 percent surge in the Kingdom’s biggest lender Saudi National Bank.
Elsewhere in the Gulf, Dubai, Abu Dhabi, and Qatar lost 0.2, 0.4 and 0.5 percent, respectively.
Outside the Gulf, the Egyptian blue-chip index EGX30 slightly rebounded by adding 0.5 percent.
Brent crude traded at $115.9 a barrel as of 9:30 a.m. Saudi time on Thursday, and US benchmark West Texas Intermediate reached $109.74 a barrel.
Stock news
Mouwasat Medical Services Co. acquired 51 percent of Jeddah Doctors Co. in a SR102 million ($27 million) deal
Shareholders of Scientific & Medical Equipment House Co. approved the board's recommendation to distribute cash dividends of SR1 per share for 2021
Banque Saudi Fransi will distribute dividends of SR0.75 per share for the first half of 2022
The Saudi Ground Services Co. closed a SR100 million medical insurance deal with Bupa Arabia
Fawaz Abdulaziz Alhokair Co. received shareholders’ approval to reduce its capital from SR2.1 billion to SR1.15 billion
Saudi Fisheries Co. appointed Awwad Aldasouqi as acting CEO following the resignation of Walid Al-Bathi due to “special circumstances”
Al Rajhi Bank announced the resignation of Stefano Paolo Bertamini from his position as board member
Saudi Kayan Petrochemical Co. made an early repayment of SR1.68 billion to settle part of the company’s outstanding loans
Arabian International Healthcare Holding Co.’s shareholders approved the distribution of SR3 per share in dividends for 2021 as well as a buyback of up to 210,000 shares for an employee incentive plan
State-owned Saudi Electricity Co. transferred its entire stake in the Saudi Power Procurement Co. to the government
Riyadh Development Co. appointed Faisal bin Ayyaf as board chairman and Majid Al-Subaie as vice-chairman
Sipchem’s board approved the distribution of SR1.75 per share in dividends for the first half of 2022
Saudi Advanced Industries Co.’s board approved buying back 2.5 million shares to keep them as treasury shares
Tanmiah Food Co.’s unit secured a short-term financing facility worth SR150 million with the Agricultural Development Fund
Arabian Centres Co.'s net profit declined by 11 percent to SR433.8 million in its fiscal year ending March 31, 2022
Nomu-listed Riyadh Cement Co. got its board’s approval to transfer to the main market TASI
Saudi Research and Media Group signed a deal worth SR200 million annually to provide services for visual platforms
Abdulaziz & Mansour Ibrahim Albabtin Co. and Arabian Plastic Industrial Co. got the Capital Market Authority’s approval to list on Saudi Arabia's parallel stock market
Schlumberger-backed Arabian Drilling Co. received CMA’s approval to float 30 percent of its capital in an initial public offering
Batic Investments and Logistics Co.’s real estate arm signed an agreement to develop a land with an area of 229,000 square meters in Madinah
Tawuniya was awarded a SR55 million contract from Elm Co. for health insurance services
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
