RIYADH: Saudi stocks tracked a drop in oil prices to end Tuesday’s trading session lower, with the main TASI index sliding below the 12,000 level.
The Organization of the Petroleum Exporting Countries and its allies on Monday agreed on a small production cut of 100,000 barrels a day to bolster prices.
Oil prices then fell to hover around $90 a barrel on Wednesday. Brent crude slipped to $91.31 and US West Texas Intermediate traded at $85.2 by 9:05 a.m. Saudi time.
TASI shed 0.9 percent to 11,994 on Tuesday and the parallel Nomu market was down 2 percent to 20,851.
Performance across Middle Eastern markets was mixed, led by a 1.5 percent gain for Egypt’s EGX30 and 1.2 percent for Dubai’s DFMGI.
Kuwait and Qatar also ended in green territory, while Abu Dhabi and Oman lost 0.3 percent and 1.6 percent, respectively. The Bahraini bourse finished flat.
Stock news
Wataniya Insurance Co. appointed Hussein Saeed Akiel as board chairman
Raydan Food Co. selected Yaqeen Capital to advise on the company’s planned capital reduction of 53 percent
Alwasail Industrial Co. reported a 13 percent rise in first-half profit to SR16 million ($4.3 million)
Ladun Investment Co. said it will distribute a total amount of SR15 million in dividends after posting a profit drop of 59 percent in the first half of 2022
Ladun Investment appointed Hassan Al-Hazmi as CEO following Suliman Albatli's resignation as CEO and taking over as managing director
Fesh Fash Snack Food Production Co. reported a 10 percent surge in profit to SR2.3 million for the first half of 2022
Calendar
September 7, 2022
Naba Alsaha Medical Services Co. will make its Tadawul debut
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
