RIYADH: Saudi stocks dropped in August's final trading session, as investors feared further interest-rate rises by the US Federal Reserve.
TASI closed Wednesday’s session 1.4 percent lower at 12,283, dragged down by a 2 percent decline in Aramco, while the parallel Nomu market edged up to 21,637.
Given their currency is pegged to the dollar, most Gulf countries remain wary of the Fed’s monetary decisions, likely to hike rates amid years-high inflation.
Qatar’s QSI index dipped 1.4 percent, followed by Abu Dhabi and Dubai with a 0.9 and 0.6 percent drop, respectively.
Elsewhere in the Middle East, the Egyptian index retreated 1.3 percent.
Oil prices slipped on Thursday, down to $96.49 a barrel and US West Texas Intermediate dropped to $88.96 a barrel by 9:00 a.m. Saudi time.
Stock news
Taiba Investments was awarded an SR431 million ($115 million) contract for the execution of the Sheraton Hotel in Madinah
Enaya Cooperative Insurance Co. received the Saudi Central Bank's approval to reduce its capital to SR100 million
Methanol Chemicals Co. announced the resignation of its CEO Ali Mohamed Al-Asiri and the appointment of ex-Aramco member Habes Al Shammary as the chief operation officer
Tihama Advertising and Public Relations Co.’s board amended its capital plan proposal to a reduction of SR125 million, followed by an SR350 million capital raise
Leejam Sports Co. opened a new men's Xpress fitness center in Riyadh, bringing its total number of centers inside and outside the Kingdom to 153
Calendar
September 11, 2022
Start of Arabian Plastic Industrial Co.’s IPO book-building
September 13, 2022
End of Arabian Plastic Industrial Co.’s IPO book-building
