RIYADH: Saudi stocks surged on Tuesday in line with higher oil prices and positive investor sentiment.
TASI rose 1.2 percent to 13,646 with its highest-valued bank Al Rajhi Bank hitting a record high of SR172 ($46). The parallel market Nomu was also up 0.9 percent to 24,268.
Despite a strong debut by Dubai Electricity and Water Authority, Dubai’s bourse dropped 0.5 percent in Tuesday’s session.
Stock exchanges in Qatar and Abu Dhabi shed 2.6 and 0.6 percent, respectively, while the Bahraini and Omani indexes inched up. Kuwait’s bourse was almost flat.
Apart from the GCC, Egypt’s EGX30 slightly recovered from its multiday losing streak as it added 1.6 percent.
In energy trading, Brent crude reached $105.24 per barrel on Wednesday while US benchmark West Texas Intermediate traded at $101.02 as of 9:05 a.m. Saudi time.
Stock news
Arab National Bank’s shareholders backed the board’s proposal to pay SR0.45 per share as cash dividends for the second half of 2021
The Saudi Exchange has delisted shares in National Petrochemical Co. following the acquisition deal with Saudi Industrial Investment Group
Naseej International Trading Co. submitted a capital reduction filing to the Capital Market Authority, seeking to cut capital from SR212 million to SR109 million
Shareholders of Almarai Co. approved the board’s recommendation to distribute dividends of SR1 per share for 2021 as well as the buyback of 10 million shares
Al Sagr Cooperative Insurance Co. announced the resignation of three board members — Sultan Khaled Alturki, Abduallah Al-Bassam, and Khalid AlShuwaier
Southern Province Cement Co.’s shareholders approved the distribution of SR1.25 per share in cash dividends for the second half of 2021
Sumou Real Estate Co. signed a 25-year contract valued at SR19.3 million annually with Al Shabab football club in Saudi Arabia to develop the club’s commercial land in Riyadh
Shareholders of Riyad Bank endorsed the board’s proposal to pay out half-year dividends of SR0.54 per share
United Wire Factories Co. appointed Khaled Saad Al Kanhal as board chairman and Rasheed Rashid bin Awain as vice chairman of the board
Calendar
May 11, 2022: Start of Arabian Food & Dairy Factories Co.’s IPO book-building
May 15, 2022: End of Arabian Food & Dairy Factories Co.’s IPO book-building