RIYADH: Saudi stocks gained in the first trading session of the week, recovering slightly following steep declines due to fears over interest rate hikes and a potential recession.
The main index, TASI, surged 1.8 percent to close at 11,513, while the parallel market, Nomu, shed 0.9 percent to 20,681.
Most Gulf stock exchanges advanced in line with Saudi Arabia, with Qatar’s QSI topping the region as it jumped 3.2 percent.
Oman and Kuwait added 0.1 and 1.3 percent, respectively, while the Bahraini index slipped 0.4 percent.
Apart from the Gulf, the Egyptian blue-chip index EGX30 ended flat.
In energy trading, Brent crude futures edged up to $112.9 a barrel by 9:26 a.m. Saudi time after rebounding 2.8 percent on Friday, and US West Texas Intermediate traded at $107.29 a barrel.
Stock news
Arab National Bank’s board recommended a dividend payout of SR750 million ($200 million), or SR0.5 per share, for the first half of 2022
Gulf General Cooperative Insurance Co. appointed Jamal Al-Dabbagh as board chairman and Saud Al-Sulaiman as vice-chairman
Amana Cooperative Insurance Co.’s rump offering was 123 percent covered, generating SR104 million in proceeds
The boards of the Saudi Exchange and Muqassa provided the necessary approvals for the launch of single-stock futures trading starting July 4
Future Care Trading Co. set its price guidance at SR90 per share as it prepares for a direct listing on Saudi Arabia’s parallel Nomu market
Saudi Arabian Refineries Co. established a SR5 million unit, namely Al-Sado Investment Co., to carry out real estate, financial, tourism, and construction activities
Middle East Healthcare Co. completed the construction of its Saudi German hospital in Makkah
Al Alamiya for Cooperative Insurance Co. signed an agreement worth SR24.5 million with Key Car Rental Co. for vehicle insurance coverage
Calendar
June 27, 2022
End of Alamar Foods’ IPO book-building
Retal Urban Development Co. will start trading its shares on TASI
June 28, 2022
End of the Saudi Investment Bank’s Sukuk offering