RIYADH: Saudi stocks jumped on Wednesday, thanks to strong first-half earnings despite mixed results from the insurance and cement sectors.
TASI the main index added 0.8 percent to 12,646, while the parallel Nomu market lost 2.3 percent to 21,533, as information technology consulting firm Saudi Networkers Services Co. made a weak stock market debut.
Gulf peers advanced in line with the Kingdom's main benchmark index, led by a 1.8 percent jump for the Qatari bourse.
Dubai and Abu Dhabi gained 1.3 and 0.7 percent, respectively, followed by Kuwait and Bahrain. While the Omani index edged 0.1 percent lower.
Elsewhere, Egypt’s EGX30 soared 2.2 percent after the country’s president accepted the resignation of central bank governor Tarek Amer, the presidential office said.
In energy trading, Brent crude traded at $93.7 a barrel, while US West Texas Intermediate slipped to $88.08 a barrel as of 9:14 a.m. Saudi time on Thursday.
Stock news
Abdullah Al Othaim Markets Co. reported a higher profit of SR138 million ($37 million) for the first half of 2022, on the back of sales growth
Malath Cooperative Insurance Co. posted a 216 percent higher net loss before Zakat of SR25 million for the first half of 2022
Taiba Investments Co. was back to a profit of SR55 million in the first half of 2022 as hospitality sales rose post the pandemic
Red Sea International Co. secured SR35 million worth of financing from SABB
CHUBB Arabia Cooperative Insurance Co.'s half-year profit before Zakat declined 54.8 percent to SR3 million
Gulf General Cooperative Insurance Co.’s losses narrowed by 20 percent to SR35 million in the first half of 2022
SABB Takaful issued its board’s circular regarding the offer document for the merger with Walaa Cooperative Insurance Co.
National Gas and Industrialization Co. announced it is studying the feasibility of partnering with UK’s Aburi Composites and Front End Co. to operate a joint composite cylinder factory
Naba Alsaha’s initial public offering for listing on Nomu was concluded with 531 percent coverage
Andalus Property Co. appointed Mashal Ibrahim Abuneef as its acting CEO effective Sep. 1
Tabuk Agricultural Development Co. signed a contract to sell its industrial potatoes to Wafrah for Industry and Development Co. for SR4.3 million
Calendar
August 18, 2022
Rawasi Albina Investment Co. will start trading its shares on Nomu
