RIYADH: Saudi stocks extended gains on Monday on the back of strong earnings and economic growth, after logging a monthly gain of 5.9 percent for July.
Tadawul’s TASI was up 1.2 percent to 12,338, while the parallel Nomu market advanced 0.5 percent to 21,502.
The Kingdom’s gross domestic product grew at the fastest rate since 2011 at 11.8 percent in the second quarter of 2022, fueled by oil sector growth, according to flash estimates by the General Authority for Statistics.
Fellow Gulf bourses in Dubai, Abu Dhabi, and Oman all added around 1.2 percent, followed by Qatar and Kuwait with a 0.7 percent gain each.
Bahrain, on the other hand, ended the session almost flat.
Outside the Gulf, the Egyptian index slipped 0.5 percent.
Oil prices slid on Tuesday, with Brent crude retreating 0.95 percent to $99.08 a barrel, and US West Texas Intermediate down 0.8 percent to $93.14 a barrel as of 9:00 a.m. Saudi time.
Stock news
Oil giant Aramco signed a $2.65 billion deal to acquire US-based Valvoline’s Global Products Business
Profits of Arriyadh Development Co. fell by 23 percent in the first half of 2022 to SR196 million ($52 million)
Bank AlJazira will payout a cash dividend of SR0.4 per share for the first half of 2022, following an 11 percent rise in profit to SR633 million during the same period
Najran Cement Co. reported a 61 percent decline in its half-year profit to SR37 million
solutions by stc saw its profit surge 21 percent to SR556 million during the first half of 2022
Al-Jouf Cement Co. appointed Abdullah Al-Enezi as board chairman
Naseej International Trading Co. announced that its accumulated losses have been cut to zero
Saudi Networkers Services Co.'s offering of a 25 percent stake was 223 percent covered, amid plans to list its shares on Nomu
Saudi Arabian Mining Co, known as Ma’aden, began commercial production at its Ammonia 3 plant
Calendar
August 2, 2022
Close of International Human Resources Co.’s IPO book building
August 14, 2022
Saudi Aramco will announce its financial results for the second quarter of 2022
