RIYADH: Saudi Arabia’s stock market concluded last week with five straight days in the green, buoyed by positive earnings reports.
At the previous closing bell, TASI surged 1.04 percent to end the week at 11,987, and the parallel market Nomu rose 1 percent to 20,960.
Most Gulf stock markets extended their rebound in line with Saudi Arabia, led by a 2.1-percent gain in the Abu Dhabi and Kuwaiti bourses on Thursday.
Bahrain, Dubai, and Qatar followed with gains up to 1.5 percent, while Oman’s index edged up slightly by 0.3 percent.
Elsewhere in the Middle East, the Egyptian blue-chip index EGX30 jumped 1 percent after declining to its lowest value in years earlier this month.
Oil prices slid on Friday due to weakened demand and lingering geopolitical tensions. Brent crude settled at $103.2 a barrel, while US West Texas Intermediate fell to $94.7 a barrel.
Stock news
BinDawood Holding Co. entered into negotiations to potentially acquire a majority stake in French marketing agency Ykone
The Saudi Investment Bank, known as SAIB, will distribute a total of SR300 million, or SR0.30 per share, in dividends for the first half of 2022
Salama Cooperative Insurance Co. received the Capital Market Authority’s approval to reduce its capital by 60 percent to SR100 million
Calendar
July 24, 2022
Start of Saudi Networkers Services Co.’s IPO subscription
July 28, 2022
End of Saudi Networkers Services Co.’s IPO subscription
August 14, 2022
Saudi Aramco will announce its financial results for the second quarter of 2022
