RIYADH: Saudi stocks dropped on Wednesday, mirroring a continued decline in oil prices as recession worries intensified.
The Kingdom’s real gross domestic product grew by 12.2 percent in the second quarter of 2022 over the same period last year, recording the highest growth in over a decade, revealed data by the General Authority for Statistics.
TASI slid 1.1 percent to end below the 12000-point level at 11,863, while the parallel market Nomu lost 1.6 percent to 20,528.
In line with Saudi Arabia, Dubai, Qatar, Oman, and Kuwait recorded losses of up to 0.8 percent.
Abu Dhabi and Bahrain, on the other hand, added 0.6 percent and 0.2 percent, respectively.
Elsewhere in the Middle East, Egypt’s EGX30 gave up gains to finish 0.9 percent lower.
Oil plunged more than $4, with Brent crude futures down to $88.66 a barrel and US West Texas Intermediate hovering around $82.6 a barrel by 9:05 a.m. Saudi time on Thursday.
Stock news
Zain KSA received two no-objection letters from the Communications and Information Technology Commission for the acquisition of tower sites by the Public Investment Fund, Prince Saud bin Fahad and Sultan Holding Co.
Riyad Bank started the issuance of an additional riyal-denominated tier 1 capital sukuk by the way of private placement on Sept. 8
Al Moammar Information Systems Co. renewed a SR266 million ($70 million) Shariah-compliant loan with the Saudi British Bank
City Cement Co. will distribute SR0.4 per share in dividends for the first half of 2022
Al-Omran Industrial Trading Co. reappointed Muhammad Al-Omran as board chairman and Nasser Bin Omran as vice chairman
Southern Province Cement Co.’s shareholders will receive a dividend per share of SR0.75 for the first half of 2022
AlSagr Cooperative Insurance Co. appointed Alinma Investment as a financial adviser to manage its capital decrease process
Alhasoob Co.’s board recommended doubling the company’s capital to SR28 million through a bonus share issue
Calendar
Sept. 11, 2022
Start of Arabian Plastic Industrial Co.’s IPO book-building
Sept. 13, 2022
End of Arabian Plastic Industrial Co.’s IPO book-building
