RIYADH: Saudi Arabia’s main index ended the week’s final session in the red on Thursday, as investors were alarmed by the Kingdom’s annual inflation rate topping three percent for the first time in 14 months.
The Tadawul All Share Index finished the week’s final session with a 0.54 percent decline at 11,829, while the parallel market Nomu ended with a 0.35 percent gain at 20,924.
In line with the Saudi stock, the Egyptian index dropped 1.1 percent for the third consecutive day as concerns about global economic growth continued.
However, the Abu Dhabi index and Qatar’s index both ended Thursday in positive notes, gaining 0.5 percent and 1.3 percent, respectively, as investors bet on improved oil demand despite an inflation-fueled tightening of monetary policy.
In energy trading, Brent crude reached $94.11 a barrel as of 8:50 a.m. Saudi time on Thursday. US West Texas Intermediate traded at $88.64 a barrel.
Stock news
Almarai Co. has announced the full redemption of its SR1.6 billion ($426 million) sukuk on Sep. 16
Walaa Cooperative Insurance Co. received shareholder approval for its merger with rival insurer SABB Takaful and its capital increase to SR851 million.
Arabian Drilling Co. intends to proceed with its IPO, by issuing 26.7 million shares on the Kingdom’s stock exchange, following approval from the CMA and Saudi exchanges.
Saudi British Bank has completed a SR1.2 billion deal to sell and buy certain lines of business from HSBC Saudi Arabia to Alawwal Invest Co.
Calendar
September 22, 2022
Tadawul will be closed for the Saudi National Day
