RIYADH: Saudi and Gulf stocks fell in tandem during a week plagued by inflation worries, looming interest rate hikes, and economic warning signs.
The Tadawul All Share Index declined 1.09 percent to end Monday at 11,446, while the parallel market Nomu fell 1.73 percent at 20,230.
Qatar's main index experienced a downward movement of approximately 1.7 percent, followed by the Abu Dhabi index, which fell 1 percent, and the Dubai main index, which fell 0.4 percent.
Outside the Gulf, the Egyptian index rebounded by 0.9 percent after declining for four consecutive days.
In energy trading, Brent crude rose slightly in Tuesday morning’s early hours to reach $92.21 a barrel, while US West Texas Intermediate traded at $85.76 a barrel, as of 9:10 a.m. Saudi time.
Stock news
Al Sagr Cooperative Insurance Co. and Gulf Union Al Ahlia Cooperative Insurance Co. signed a memorandum of understanding to evaluate a potential merger between the two companies.
Alandalus Property Co. completed 89 percent of Al-Jawhara Al-Kobra Project and is expected to start operating in the first quarter of 2023.
Retal Urban Development Co. and the National Housing Co. signed an agreement to build 759 housing units in Riyadh worth an estimated SR864 million (230 million).
Sumou Real Estate Co. signed a development agreement with the National Housing Co. in Riyadh to build residential units for SR403 million.
The Saudi Azm Telecom and Information Technology Co. announced the award of a SR14.3 million project with the Small & Medium Enterprises General Authority.
Academy of Learning Co. has established an investment and development company with SR100,000 capital.
Saudi pharma SPIMACO renewed its agreement with MSD to license and market pharmaceutical preparations.
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September 22, 2022
Tadawul will be closed for the Saudi National Day
