RIYADH: Saudi stocks settled flat on Tuesday, as news over potential global inflation spurred investor worries, while the market continued to see positive earnings reports.
The main index, TASI, ended the session flat at 12,545, while the parallel market Nomu edged 0.34 percent lower to finish at 22,034.
Stock market gains across the whole region were subdued, amid volatile oil trading due to recession concerns.
Abu Dhabi and Bahrain lost 0.2 percent, while Dubai, Oman, Qatar, and Kuwait advanced between 0.2 and 0.5 percent.
Outside the Gulf, the Egyptian index EGX30 closed 0.7 percent lower.
Brent crude reached $93.31 a barrel by 9:16 a.m. Saudi time on Wednesday, while US West Texas Intermediate traded at $87.56 a barrel.
Stock news
ACWA Power Co. said it will sign today a $2.4 billion deal with Uzbekistan’s Ministry of Investment & Foreign Trade for a 1,500-megawatt wind project
Amana Cooperative Insurance Co.’s net losses narrowed by 50 percent to SR31 million in the first half of 2022
Wataniya Insurance Co. was awarded an SR54 million insurance contract with Samsung C&T Corp. for the NEOM spine water infrastructure
Wataniya Insurance saw its losses widen by 44 percent to SR37 million in the first half of 2022
Anaam International Holding Group Co.’s board approved liquidating two fully owned subsidiaries
Alinma Tokio Marine Co. turned into a profit of SR2.4 million in the first half of 2022
Saudi Enaya Cooperative Insurance Co.’s loss before zakat narrowed by 53 percent to SR14 million
Arabian Centres Co., known as Almrakez, reported a higher profit of SR128 million for the second quarter of 2022
Salama Cooperative Insurance Co. received shareholders’ approval to reduce its capital by 60 percent to SR100 million
Al Jouf Cement Co. appointed Abdul Karim Al-Nuhair as CEO following Jamal Al Amer's resignation
Naseej for Technology Co. reported SR7.7 million in profits for the first half, down 22 percent from the previous year
Al Moammar Information Systems Co. signed an SR39 million contract with the Saudi Ministry of Environment, Water, and Agriculture
Alamar Foods Co. reported an SR66 million net profit in the first half of 2022, a 10 percent increase from the first half of last year
Saudi Tadawul Group Holding Co. entered a non-binding deal to acquire a 51 percent stake in financial technology provider Direct Financial Network Co.
National Co. for Learning and Education Co. announced the opening of the Trbyh Namouthajiya International Schools campus in Dhahran
Banan Real Estate Co. saw its first-half profit grow 16 percent to SR15 million
Leading franchise retailer Fawaz Abdulaziz Alhokair Co. reported a 26 percent profit surge to SR58 million for the second quarter of 2022
Alhokair said that its accumulated losses have been cut to zero, following a 45.3 percent capital reduction
Al Yamamah Steel Industries Co.’s profits were down 58 percent to SR70 million during the nine months ending June 30
Saudi Research and Media Group posted a 24 percent rise in half-year profit to SR281 million
Calendar
August 17, 2022
Saudi Networkers Services Co. will start trading its shares on Nomu
August 18, 2022
Rawasi Albina Investment Co. will start trading its shares on Nomu
