RIYADH: Saudi stocks slid last week to end lower on Thursday as oil prices fell to seven-month lows before rebounding on Friday.
TASI exited the week’s final trading session 0.3 percent lower at 11,834, while the parallel market Nomu edged down 0.4 percent to 20,438.
In line with the Kingdom’s bourse, Dubai, Kuwait, and Oman lost between 0.2 and 0.7 percent.
Abu Dhabi and Bahrain stock exchanges advanced 0.7 percent and 0.2 percent, respectively, while the Qatari index closed almost flat.
Apart from the Gulf, the Egyptian stock market inched 0.3 percent higher.
Oil prices rose about 4 percent on Friday after dropping to a seven-month low earlier in the week, supported by threatened cuts to supply.
Brent crude surged to $92.84 a barrel. US West Texas Intermediate crude settled 3.9 percent higher at $86.79 a barrel.
Stock news
Abdulmohsen Alhokair Group for Tourism and Development entered negotiations to acquire hotels currently leased by its parent company Abdulmohsen Alhokair Holding Co.
Raydan Food Co. closed one of its restaurants in Jeddah following a decision by Municipal authorities to clear some neighborhoods
National Fertilizer Co. posted a 22 percent profit drop to SR9.5 million ($2.5 million) for the first half of 2022
Arabian Plastic Industrial Co. set its initial public offering price range at SR24-27 per share as it begins the book-building period
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
September 22, 2022
Tadawul will be closed for the Saudi National Day
